ABC Ltd purchased a car for $20,000 including all non-refundable sales taxes. It is used by the
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Question:
ABC Ltd purchased a car for $20,000 including all non-refundable sales taxes. It is used by the employee for 10 months of the year. In the other months, he was required to return the car to his employer's premises. He drives it for personal purposes for a total of 11,000 km.
The car is driven for a total of 26,000 km during 2019 and its operating costs for the year are $4,000. The employee reimburses ABC Ltd. for half of the cost of refueling the car, which totals $1,100 for 2019.
Compute the minimum taxable benefit to be included in the employee's employment income.
Related Book For
Accounting Information Systems
ISBN: 978-1133935940
10th edition
Authors: Ulric J. Gelinas, Richard B. Dull
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