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He starts making monthly lease payments of 200 on june 1

Question - Warren leases an auto valued at $16809 for his business and personal use on May 1, 2015. His extensive records indicate he used the automobile 85 percent for business and 15 percent for personal use. He starts making monthly lease payments of $200 on June 1, 2015. What are the tax consequences for Warren in year 1 and 2 as a result of this lease contract?

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Accounting Basics: He starts making monthly lease payments of 200 on june 1

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Accounting Basics: He starts making monthly lease payments of 200 on june 1

Reference No:- TGS02836007

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