Truck Expense Question

[Bjorn]

In 2002 if a vehicle claimed the standard mile expense and it is traded for another vehicle in 2003 is there any recature, basis adjustment, or similar trap that needs to be considered.

The 2003 vehicle was more than 6000 pounds.

[Gene V]

mileage adjustment

Bjorn, I don’t know if this applies to trucks over 6,000lbs, but I don’t know why not. You would reduce your base by .15 cent for each business miles driven in 2002 and .16 cent for year 2003. See QF 11-1 bottom of page.