Compute the lease deduction, Taxation

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Compute the lease deduction

Leased Vehicles

Response to the following problem:

Bart operates his business as a sole proprietorship. On October 1, 2014, Bart enters into a 24-month lease on a car valued at $39,900. His monthly payments are $800. Bart uses the car 85% for business each year. Compute Bart's lease deduction and inclusion amounts for 2014-2016.

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Taxation: Compute the lease deduction

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