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Example - Leasing Costs

**Eligible leasing costs for passenger vehicles leased after December 31, 2000**
1.	Total lease charges paid for the vehicle in 2011		$5,500	1
2.	Total lease payments deducted for the vehicle before 2011		$0	2
3.	Total number of days the vehicle was leased in 2011 and previous years		334	3
4.	The manufacturer's list price		$28,000	4
5.	$35,294 + $4,588		$39,882	5
6.	Enter the amount from line 4 or line 5, whichever is more	$39,882 x 85%	$33,900	6
7.	($800 + $104) = $904 × $334 = $301,936 ÷ 30 = $10,064 − line 2		$10,064	7
8.	($30,000 + $3,900) = $33,900 × $5,500 = $186,450,000 ÷ $33,900		$5,500	8
Tom would enter $5,500 (the lower of the amounts on line 7 and line 8) on line 11 of Form T777.