Show federal 9 income tax reductions allowed motorists t I 1 SALT LAKE CITY UTAH january the automobile has been recognized as a business necessity by the federal government and many items of 0 automobile operating expense may be deducted from gross income on federal income tax re i turns according to the legal department of the utah state automobile tion the following summary has hag been prepared as a guide tor for those motorists who must make income tax returns A all sums paid during the calen dar year as registration fees aces drivers drivere licenses state personal property taxes and i municipal taxes B the total sum paid as a gasoline tax where it Is a consumers tax under the law as aa in utah C Tn interest terest on money borrowed for I 1 the purchase of an automobile used tor for either business or pleasure I 1 D all operating and maintenance expenses including depreciation usual 1 ly figured at 20 per cent per annum on automobiles uto mobiles used choly for business or 0 r a pro rata share ot of such expenses representing business we use where a pasi car is used chiefly more than 60 50 per cent for business E automobile insurance on automobiles used for business purposes F uncompensated losses sustained by reason of damage to any automobile pleasure or business use G damages paid for injuries to persons or destruction of property provided the automobile at the time of the accident was being used for business 11 II the amount of finance charges on automobiles purchased which covers risk on the loan but not the amount covering the premium on insurance to protect the finance companas comp anys interest M 1 I loss sustained where an automobile used for business purposes Is traded in tor for a new car important items of expense which may not be deducted A the amount paid for an automobile used tor for either business or pleasure this being a capital expenditure and subject to claim tor for depreciation where the automobile Is used for bustness business purposes B loss sustained where an automobile used for pleasure Is traded in for a new car |