On March 1, 2017, Sarah entered into a three-year lease of an automobile used exclusively in her
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On March 1, 2017, Sarah entered into a three-year lease of an automobile used exclusively in her business. The automobile’s FMV was $58,500 at the inception of the lease. Sarah made ten monthly lease payments of $600 each during 2017. Is Sarah able to avoid the luxury automobile restrictions on depreciation by leasing instead of purchasing the automobile? Explain.
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Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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