Barry's firm purchases a $31,000 automobile for his business and personal use.Barry uses the auto 80 percent for business and 20 percent for personal use in 2015.The IRS tables show that the annual lease-value of a $31,000 automobile is $8,250.If the company takes full depreciation deductions for the auto,how much income must Barry recognize?

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The Answer of Barry's firm purchases a $31,000 automobile for his business and personal use.Barry uses the auto 80 percent for business and 20 percent for personal use in 2015.The IRS tables show that the annual lease-value of a $31,000 automobile is $8,250.If the company takes full depreciation deductions for the auto,how much income must Barry recognize?

Barry's Firm Purchases a $31,000 Automobile for His Business and Personal