Troy entered into a three-year lease of a luxury automobile on January 1, 2012, for use 80%
Question:
a. What amount of lease payments are deductible in 2012 and 2013?
b. What portion, if any, of the "inclusion amount" must reduce Troy's lease deduction in 2012 and 2013?
c. How would your answers to Parts a and b change if the FMV of the auto was $15,000 and the monthly lease payments are $200?
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a 80 of the 7200 600 x 12 lease payment or 5760 is deductible as a business exp...View the full answer
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Related Book For
Federal Taxation 2014 Comprehensive
ISBN: 9780133438598
27th Edition
Authors: Timothy J. Rupert, Thomas R. Pope, Kenneth E. Anderson
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