On july 1 2014 a taxpayer leases a car for 24 months the


On July 1, 2014, a taxpayer leases a car for 24 months. 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 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 2014?

1) $3,412

2) $3,505

3) $5,843

4) $3,287

5) $5,687

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Financial Accounting: On july 1 2014 a taxpayer leases a car for 24 months the
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