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IRS Releases New Car-Log Rules For 1986 Deductions
IRS proposes new record keeping for business vehicles with effective date January 1 1986. Adequate records include logs or trip sheets detailing date mileage purpose and description. Exemptions cover commuting only use up to a $3 daily tax and farm nonbusiness use, while stockholders with 1 percent or more are excluded. Depreciation limits and annual investment credit specified. Public comments open through December 31 1985.
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