Used Automobile Leasing
Accounting?
On March 1, 2004, Leo leases and places in service a passenger automobile. The lease will run for five years and the payments are $380 per month. During 2004, he uses his car 80% for business and 20% for personal activities. Assuming the dollar amount from the IRS table is $19, determine Leo’s inclusion amount.
a.$0.
b.$10.
c.$13.
d.$15.
e.$19.
3.On June 30, 2004, Jill, a cash basis taxpayer, gave Tina a bond with a $25,000 face amount that pays $2,500 interest each December 31. When Tina collected the interest on December 31, 2004:
a.Jill must include all of the interest in her gross income.
b.Tina must include all of the interest in her gross income.
c.Jill must report $1,250 interest income, and Tina must report $1,250 interest income.
d.Jill must recognize $1,250 of interest income at the time of the gift.
e.Tina must recognize $25,000 of income at the time of the gift.
Do your own homework. These are VERY simple problems and, if you can’t do them now… then you are in a REAL world of hurt when exams come around.
COMFORT AUTO LEASING
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Now Leasing Banner3′x20′ $124 Our oversized Now Leasing banners are perfect for attracting attention to your business. These 3′x20′ banners are constructed of heavy-duty, weatherized cloth and finished with locking double stitches and 5′ of rope at each corner for hanging. Life expectancy is 3 months+, depending on display environment. |
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Leasing Tall Flutter Message Flag 15′x2.5′ $128 Our vibrant Leasing flutter message flags are a great way to attract customers while displaying your message. These durable nylon 15′x2.5′ flags are finished with a pole sleeve and intended for use with our Super Poles. |
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Leasing Tall Flutter Message Flag 10′x2.5′ $72 Our vibrant Leasing flutter message flags are a great way to attract customers while displaying your message. These durable nylon 10′x2.5′ flags are finished with a pole sleeve and intended for use with our Super Poles. |
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Leasing Tall Feather Message Flags 10′x2.5′ $72 Our vibrant Leasing feather message flags are a great way to attract customers while displaying your message. These durable nylon 10′x2.5′ flags are finished with a pole sleeve and intended for use with our Super Poles. |
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Leasing Tall Flutter Message Flag 12′x2.5′ $99 Our vibrant Leasing flutter message flags are a great way to attract customers while displaying your message. These durable nylon 12′x2.5′ flags are finished with a pole sleeve and intended for use with our Super Poles. |
Automobiles
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