On March 1, 2017, Lana Leases and Places in Service

question 36

Multiple Choice

On March 1, 2017, Lana leases and places in service a passenger automobile. The lease will run for five years and the payments are $500 per month. During 2017, she uses her car 60% for business and 40% for personal activities. Assuming the dollar amount from the IRS table for auto leases is $70, determine Lana's gross income attributable to the lease.

• A)$0
• B)$35
• C)$59
• D)$70
• E)None of the above

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Definitions:

Digestive Tract

A connected series of hollow organs forming a lengthy, winding path from the mouth to the anus, designed for ingesting food, digesting it, absorbing nutrients, and expelling waste.

Lamellae

Concentric, ring-like layers found in bone, making up the structure of compact bone, or in the chloroplasts of plants, where they contain light-absorbing pigments for photosynthesis.

Compact Bone Tissue

A type of bone tissue that is dense and solid, providing structural strength.

Spongy Bone

Also known as cancellous bone, this is a porous type of bone found at the ends of long bones and in the inner layers of other bones, providing structural support and flexibility.