Ricardo uses his personal vehicle in his sole proprietorship. He keeps no records of any kind regarding his business use of the car and doesn't really know for certain when and where he used the automobile for business. Which of the following is correct? a. Juan should deduct a good-faith estimate of his expenses for the auto as a business expenses.
b. Juan should estimate his total vehicle expenses for the year, then deduct 50% of that amount as business expense.
c. Juan could have leased a comparable vehicle for $3,600 for 2016. Therefore, he should deduct $3,600 as a business expense.
d. Juan cannot deduct any vehicle expenses because he has no record of his expenses.

d. Juan cannot deduct any vehicle expenses because he has no record of his expenses

Explanation:

A sole proprietorship is a form of business that is owned and controlled by one person.The person enjoys the profit alone and bears the risk alone as well.

Since we are given the information that he keeps no records of any kind regarding his business use of the car and doesn't really know for certain when and where he used the automobile for business, this means that Juan cannot deduct any vehicle expenses because he has no record of his expenses.

We should note that for a deduction to be made, the details of how the vehicle is used for business purposes would be required. Since he doesn't have it, he can't deduct any vehicle expenses.

answer; foreign exchange transaction;