Tax MCQ Income Tax Chapter 8 On July 17, 2014, Kevin places in service a used automobile that cost $25,000. The car is used 80% for business and 20% for personal use. In 2015, he used the automobile 40% for business and 60% for personal use. Determine the cost recovery recapture for 2015.

On July 17, 2014, Kevin places in service a used automobile that cost $25,000. The car is used 80% for business and 20% for personal use. In 2015, he used the automobile 40% for business and 60% for personal use. Determine the cost recovery recapture for 2015.

Income Tax Chapter 8

On July 17, 2014, Kevin places in service a used automobile that cost $25,000. The car is used 80% for business and 20% for personal use. In 2015, he used the automobile 40% for business and 60% for personal use. Determine the cost recovery recapture for 2015.

a. $0
b. $528
c. $2,000
d. $2,500
e. None of these

Answer: b

Tax MCQ

On July 17, 2014, Kevin places in service a used automobile that cost $25,000. The car is used 80% for business and 20% for personal use. In 2015, he used the automobile 40% for business and 60% for personal use. Determine the cost recovery recapture for 2015.

On July 17, 2014, Kevin places in service a used automobile that cost $25,000. The car is used 80% for business and 20% for personal use. In 2015, he used the automobile 40% for business and 60% for personal use. Determine the cost recovery recapture for 2015.

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