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Eligible leasing costs for passenger vehicles leased after December 31, 2000

Line	Leasing agreement information and calculations	Amount
1.	Total lease charges paid for the vehicle in 2016	$ 5,500
2.	Total lease payments deducted for the vehicle before 2016	$ 0
3.	Total number of days the vehicle was leased in 2016 and previous years	334
4.	The manufacturer's list price	$28,000
5.	$35,294 + $5,294	$40,588
6.	Enter the amount from line 4 or line 5, whichever is more: $40,588x 85%	$34,500
7.	($800 + $120) = $920 x $334 = $307,280 ÷ 30 = $10,243 − line 2	$10,243
8.	($30,000 + $4,500) = $34,500 x $5,500 = $189,750,000 ÷ $34,500	$ 5,500

Tom would enter $5,500 (the lower of the amounts on line 7 and line 8) on line 11 of Form T777.