On June 1,2011,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 1,2011,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

The inclusion amount is $0 because the lease payments do not exceed the threshold amount from the IRS table.

On June 1,2011,Norm Leases a Taxi and Places It in Service.The