On June 1,2016,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
E)None of the above

Question

Quizplus · Accepted Answer

The inclusion amount is calculated only if the fair market value of the leased vehicle exceeds a certain threshold. Since the question does not provide information about the fair market value exceeding the threshold, the inclusion amount is $0.

On June 1,2016,Norm Leases a Taxi and Places It in Service.The