Which of the following will be included in taxable income because it is NOT a reasonable allowance?

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Which of the following will be included in taxable income because it is NOT a “reasonable allowance”?

$750 allowance for employment-related trip expenses (actual costs were $700).

$6,000 allowance for employment related use of employee’s automobile (10,000 km @ $0.60/km).

$750 allowance for employment-related trip expenses (actual costs were $800).

$500 allowance for employment-related use of employee’s automobile (2,000 km @ $0.25/km).

Related Book For answer-question

Auditing and Assurance services an integrated approach

ISBN: 978-0132575959

14th Edition

Authors: Alvin a. arens, Randal j. elder, Mark s. Beasley

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Posted Date: Jun 17, 2022 03:35 AM

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Which of the following will be included in taxable income because it is NOT a reasonable allowance?

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Expert Answer:

Correct answer is option a 750 allowance f... View the full answer

Auditing and Assurance services an integrated approach

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