Answer:
$25,000
Explanation:
The financial reporting standards are introduced to guide the businesses to practice standard principles so that all perform same accounting practice. International Revenue code IRS has introduced various sections among which section 170 allows small businesses to deduct expense up to a certain limit. There is certain restriction for maximum expense deduction for SUV that is purchased. The maximum expense of $25,000 can be taken for a 6,500 pounds weighted SUV which costs $50,000.
