Assume the car is purchased. It was used by an employee for the whole year. He drives

Fantastic news! We've Found the answer you've been seeking!

Question:

Assume the car is purchased. It was used by an employee for the whole year. He drives it for personal purposes for a total of 9,000 km. The minimum taxable benefit is:

Options:

$4,800

$3,240

$4,752

$1,150

Related Book For answer-question

Canadian Income Taxation Planning And Decision Making

ISBN: 9781259094330

17th Edition 2014-2015 Version

Authors: Joan Kitunen, William Buckwold

See More Books

Posted Date: Jun 12, 2022 04:25 PM

See More Questions

Which is more likely: rolling a total of 9 when two dice are rolled or rolling a total of 9 when three dice are rolled?
An asset is purchased for 240 000 It is expected to provide an additional 56 000 of annual net cash inflows The asset has a 10 year life and an expected salvage value of 24 000 The hurdle rate is 10...
A student drives her car 150 miles at a constant speed for t hours. Complete Table 14 to help find an expression that describes the cars speed (in miles per hour). Show the arithmetic to help you see...
A semicircular plate of radius r, oriented as in the figure, is submerged in fluid of density 68 lb/ft 3 so that its diameter is located at a depth of m feet. Calculate the force on one side of the...
Calculating OCF Ranney, Inc., has sales of $18,700, costs of $10,300, depreciation expense of $1,900, and interest expense of $1,250. If the tax rate is 40 percent, what is the operating cash flow,...
A lawyers job is to analogize his or her current case to existing precedent if that precedent is unfavorable to the clients position.
The following material has high internal damping: a. cast iron b. copper c. brass
1. What four characteristics of deep ecology does Guha list? 2. What are his criticisms of the four? 3. Why does he think the emphasis on wilderness preservation is harmful? 4. What problems does he...
A steel container expands in volume 1 percent when the pressure within it is increased by 10000 psi. At standard pressure, 14.7 psi absolute, it holds 0.5-slug of water; rho = 1.94 slug/ft^3. For K =...
Gordon Temper is a single taxpayer (birthdate July 1, 1985, and Social Security number 242-11-6767) who operates a food truck that specializes in food from South Africa. His business is named "Mobile...
explains the difference between the cash balance of the company books and the balance of the bank statement.
A firm expects to have earnings before depreciation and taxes of $150,000 in each of the next four years. There are no interest payments and taxes are at a rate of 40%. The firm is considering the...
Lewellen Products has projected the following sales for the coming year: 01 02 03 Sales $940 $1,020 $980 04 $1,080 Sales in the year following this one are projected to be 20 percent greater in each...
In March, Sandhill Company had the following unit production costs: materials $12 and conversion costs $10. On March 1, it had no work in process. During March, Sandhill completed and transferred out...
Bledsoe Company received $17,000 cash from the issue of stock on January 1, 2016. During 2016 Bledsoe earned $8,500 of revenue on account. The company collected $6,000 cash from accounts receivable...
Sheffield Corporation began its latest fiscal year on January 1, 2023, with 470,000 common shares outstanding. During the year, the following events occurred: On February 1, Sheffield sold 16,200...
Marissa wants to blend candy selling for $1.10 per pound with candy costing $2.20 per pound to get a mixture that costs her $1.60 per pound to make. She wants to make 44 pounds of the candy blend....
The area of a rectangle is 30 cm 2 and its perimeter is 26 cm. Find the length and width of the rectangle.
Matthew and Jonathan have owned a manufacturing company, Mattjon Limited, for 20 years. Matthew, who is 55 years old, retired from the business on December 31, 20X0. He and his wife plan to travel...
Holding Ltd., a Canadian-controlled private corporation, acquired 100% of the shares of Operating Ltd., on incorporation in 20X0 for $100,000. The shares of Operating Ltd. have appreciated in value...
Identify four factors that managers must consider when deciding whether a new business venture with other parties will be organized as a partnership or as a corporation.
What services does an underwriter provide for a company that employs the underwriter to facilitate going public? What factors influence an issuing firms choice of underwriter?
From the perspective of the entrepreneur, what are the pros and cons of an IPO as opposed to private sale of the venture to a public company in exchange for stock or cash?
Describe the process of going public using an IPO, starting with underwriter selection and proceeding through the various stages that lead to determination of an issue price.

Assume the car is purchased. It was used by an employee for the whole year. He drives

Question:

Expert Answer:

The minimum taxable benef... View the full answer

Canadian Income Taxation Planning And Decision Making

Students also viewed these accounting questions