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

---

Definitions:

Majority Of Whites

The majority of whites refers to the demographic or societal instances where individuals identified as white constitute the larger part of the population.

Indian Termination Policies

U.S. government policies enacted in the 1950s and 1960s aimed at assimilating Native Americans into mainstream society by terminating the special recognition and rights of Native American tribes.

Federal Recognition

The official acknowledgment by the federal government of a tribe's existence as a sovereign entity.

Federal Aid

Financial assistance provided by the federal government to individuals, organizations, or state and local governments to support a wide range of services and projects.