Deducted as lease expense on schedule


On July 1, 2013, a taxpayer leases a car for 24 months. Th e terms of the lease require the taxpayer to pay $1,000 a month. Based on the value of the automobile, the inclusion amounts for years 1 through 3 are $313, $590, and $602, respectively. If the taxpayer uses the car 60% of the time for business, what amount should be deducted as lease expense on Schedule C in 2013?

a. $3,412

b. $3,505

c. $5,843

d. $3,287

e. $5,687

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Accounting Basics: Deducted as lease expense on schedule
Reference No:- TGS038896

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