What net amount can be deducted for lease expense, Accounting Basics

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What net amount can be deducted for lease expense

On July 1, 2008, a taxpayer enters into a 36-month lease. 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 2008, 2009, and 2010 are $313, $590, and $602, respectively. If the taxpayer uses the car 70% for business, what net amount can be deducted for lease expense in 2009?

a) $11,410

b) $12,000

c) $5,705

d) $4,920

e) $7,987

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Accounting Basics: What net amount can be deducted for lease expense

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Recent Questions Asked Accounting Basics

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Request for Solution File

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Accounting Basics: What net amount can be deducted for lease expense

Reference No:- TGS087080

Recent Questions Asked Accounting Basics

Q : What was the profit margin

Q : What was recognized gain or loss

Q : Elements of generally accepted auditing standards-gaas

Q : Problem based on ownership in the project

Q : What net amount can be deducted for lease expense

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Q : Problem based on holding period of a new truck

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