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What amount should be deducted as lease expense

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Question - On July, 2013, a taxpayer leases a car for 24 months. 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 $313, $590, and $602, respectively. If the taxpayer uses the car 60% of the time for business, what amount should be deducted as lease expense on Schedule C in 2013?

1) 43.1%

2) 30.4%

3) 77%

4) 90.50%

5) 92.6%

Reference no: EM132539085

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