On June 1, 2019, 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 for such leases is $241, determine Norm's gross income inclusion amount.
A)$0
B)$241
C)$907
D)$1,687

Question

Quizplus · Accepted Answer

The gross income inclusion amount is calculated based on the excess of the actual lease payments over the amount from the IRS table. Since the question asks for the gross income inclusion amount and not the excess lease payment amount, and given that the IRS table amount is provided without context on how to apply it directly to gross income, the correct answer is $0 because the question does not provide enough information to calculate a specific gross income inclusion amount based on the provided details.

On June 1, 2019, Norm Leases a Taxi and Places