54. Dennis Harding is considering acquiring a new automobile that he will use 100% for business. The purchase price of the automobile would be $35000. If Dennis leased the car for five years , the lease payments would be $375 per month. Dennis will acquire the car on January 1, 2011. The inclusion dollar amounts from the IRS table for the next five years are $40, $87, $130, $156, and $179. Dennis desires to know the effect on his adjusted gross income of purchasing versus leasing the car for the next five years. He elects not to take additional first-year depreciation. Write a letter to Dennis and present your calculations. Also, prepare a memo for the tax files. His address is 150 Avenue I, Memphis, TN 38112