Jean Brochet uses an automobile in a business he carries on as a sole proprietor. The automobile cost $53,000 in 2021 and is not a ero - emission vehicle, with maximum CCA claimed in that year. Assume that the automobile was eligible for the Accll. The purchase was financed with a bank loan of $37,000. In 2022, the interest on this loan totaled $4,440. The automobile is used exclusively for business purposes, with the 2022 operating expenses totaling $7,500. What is the maximum automobile deduction that can be claimed for 2022? a . 24665 b. 19875 c. 16100 d. 16890

Jean Brochet uses an automobile in a business he carries on as a sole proprietor. The automobile cost $53,000 in 2021 and is not a ero - emission vehicle, with maximum CCA claimed in that year. Assume that the automobile was eligible for the Accll. The purchase was financed with a bank loan of $37,000. In 2022, the interest on this loan totaled $4,440. The automobile is used exclusively for business purposes, with the 2022 operating expenses totaling $7,500. What is the maximum automobile deduction that can be claimed for 2022? a . 24665 b. 19875 c. 16100 d. 16890

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 35P

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Jean Brochet uses an automobile in a business he carries on as a sole proprietor. The automobile cost $53,000 in 2022 and is not a zero-emission vehicle, with maximum CCA claimed in that year. Assume that the automobile was eligible for the Accll. The purchase was financed with a bank loan of $37,000. In 2023, the interest on this loan totaled $4,440. The automobile is used exclusively for business purposes, with the 2023 operating expenses totaling $7,500. What is the maximum automobile deduction that can be claimed for 2023? $19,875. $16,760. $16,890. $24,665.
Jean Brochet uses an automobile in a business he carries on as a sole proprietor. The automobile cost $53,000 in 2021 and is not a ero-emission vehicle, with maximum CCA claimed in that year. Assume that the automobile was eligible for the AccII. The purchase was financed with a bank loan of $37,000. In 2022, the interest on this loan totaled $4,440. The automobile is used exclusively for business purposes, with the 2022 operating expenses totaling $7,500. What is the maximum automobile deduction that can be claimed for 2022? Note: The correct answer is $16,100 but I don't know how solve the problem. Please help me out!
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Jean Brochet uses an automobile in a business he carries on as a sole proprietor. The automobile cost $53,000 in 2021 and is not a ero - emission vehicle, with maximum CCA claimed in that year. Assume that the automobile was eligible for the Accll. The purchase was financed with a bank loan of $37,000. In 2022, the interest on this loan totaled $4,440. The automobile is used exclusively for business purposes, with the 2022 operating expenses totaling $7,500. What is the maximum automobile deduction that can be claimed for 2022? a. 24665 b. 19875 c. 16100 d . 16890
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