On October 1 of the current year, C's employer provided him with the use of a car.
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Question:
On October 1 of the current year, C's employer provided him with the use of a car. The car was leased for a monthly cost of $900 (including tax). The employer will also pay for the operating expenses that are expected to be $2,600 annually. C will drive the car 1500 km per month of which 300 km will be for employment purposes. What amount is included in C's employment income for tax purposes in the current year?
Related Book For
Concepts in Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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