Appendix A-1. Inclusion Amounts for Cars First Leased in 1994 through 1998. Summary: This table is used to determine the amount to deduct from the lease payment deduction you take for business expense.
The amount is
determined by the fair market value of the vehicle (if more than $100,000, see Revenue Procedure 98-30 (1998-17 I.R.B. 6)
and the current tax year of
the lease (for the last tax year of the lease, use the dollar amount for the preceding year). This table lists for fair market
value brackets
beginning at $15,800 to $76,000 and for the 1st year through the 4th year and for the 5th year and later. There is a note
that follows the table that
states:If the fair market value of the car is more than $76,000 or less than $15,801, see the document listed for the first
year of the
lease.
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For 1994, Revenue Procedure 94-35 (1994-2 C.B. 712)
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For 1995, Revenue Procedure 95-9 (1995-1 C.B. 498)
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For 1996, Revenue Procedure 96-25 (1996-1 C.B. 681)
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For 1997, Revenue Procedure 97-20 (1997-1 C.B. 647)
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For 1998, Revenue Procedure 98-30 (1998-1 IRB 930)
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If you leased an electric car after August 5, 1987, use Appendix B.
