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the inclusion amount for leased cars used for business is 612777

The inclusion amount for leased cars used for business is:

a. Correct. The inclusion amount is a limit placed on the lease deduction for “luxury cars.”

b. Incorrect. Although the effect of the inclusion amount is to increase the taxpayer”s taxable income, it does so by limiting the deduction. The inclusion amount is not itself added back to income.

c. Incorrect. There is no dollar limit on the deduction for cars.

d. Incorrect. The inclusion amount is not an alternative for figuring the deduction in lieu of using the standard mileage rate.

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