On January L Grace Leases and Places into Service an Automobile

question 34

Multiple Choice

On January l Grace leases and places into service an automobile with a FMV of $39,000.The business use of the automobile is 60%.The "inclusion amount" for the initial year of the lease from the IRS tables is $20.The annual lease payments are $8,000.What are the tax consequences of this lease?

• A)deduction for lease payments of $4,782
• B)deduction for lease payments of $4,800
• C)deduction for lease payments of $6,000
• D)deduction for lease payment of $8,982

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Sufficient financial resources needed to properly support or sustain a project, initiative, or organization.

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A principal government department or organization responsible for implementing specific policies or administering activities in a centralized manner.