Solution-What amount should be deducted as lease expense

What amount should be deducted as lease expense

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Reference no: EM13557318

On July 1, 2013, a taxpayer leases a car for 24 months. The terms of the lease require the taxpayer to pay $1000 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) $3,412
2) $3,505
3) $5,843
4) $3, 287
5) $5,687

Reference no: EM13557318

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What amount should be deducted as lease expense

Reference no: EM13557318

Reference no: EM13557318

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