On June 1, 2014, Norm leases a taxi and places it in service. The lease payments are $1,000 per month. Assuming the dollar amount from the IRS table is $241, determine Norm's inclusion amount.

Name: On June 1, 2014, Norm leases a taxi and places it in service. The lease payments are $1,000 per month. Assuming the dollar amount from the IRS table is $241, determine Norm's inclusion amount.
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Quizplus · Accepted Answer

Since the lease payments are less than the IRS table amount of $241, the inclusion amount is $0.

On June 1, 2014, Norm Leases a Taxi and Places