Multiple Choice
On January l Grace leases and places into service an automobile with a FMV of $39,000.The business use of the automobile is 60%.The "inclusion amount" for the initial year of the lease from the IRS tables is $20.The annual lease payments are $8,000.What are the tax consequences of this lease?
A) deduction for lease payments of $4,782
B) deduction for lease payments of $4,800
C) deduction for lease payments of $6,000
D) deduction for lease payment of $8,982
Correct Answer:
Verified
Correct Answer:
Verified
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