Lilly leases a car that she uses solely for business purposes. The car would be worth $

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Lilly leases a car that she uses solely for business purposes. The car would be worth $ 40,050 on the market, and Lilly paid $ 7,400 in lease payments this year. How are these items treated on her tax return?

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Federal Tax Research

ISBN: 9781285439396

10th Edition

Authors: Roby Sawyers, William Raabe, Gerald Whittenburg, Steven Gill

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Question Posted: Oct 30, 2015 02:30 AM

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Lilly leases a car that she uses solely for business purposes. The car would be worth $

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While Lilly could claim a business deduction for the 7400 lease payment she would also have ...View the full answer

Federal Tax Research

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