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On July 1, 2019, a taxpayer enters into a 36-month lease. The terms of the lease require the taxpayer to pay $1,000 a month. Based
On July 1, 2019, a taxpayer enters into a 36-month lease. The terms of the lease require the taxpayer to pay $1,000 a month. Based on the value of the automobile, the inclusion amounts for years 1 through 3 are $314, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net amount can be deducted for lease expense in 2020?
$7,987 $5,705 $11,587 $12,000 $4,920
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