Question: Quinn is an employee of Caribbean Imports. Quinns company car is a 2022 Toyota Prius LXE with a fair-market value of $30,000 and a lease
Quinn is an employee of Caribbean Imports. Quinn’s company car is a 2022 Toyota Prius LXE with a fair-market value of $30,000 and a lease value of $8,250, according to Publication 15-b. During the year, Quinn drove 36,953 miles, of which 6,822 were for personal use. The car was available for use on 250 of the days during the year. All gasoline was provided by the employer and is charged back to Quinn at $0.055 per mile. What is the percentage of personal use by Quinn?
Note: Do not round intermediate calculations, only round final answer to two decimal points.
Step by Step Solution
3.47 Rating (144 Votes )
There are 3 Steps involved in it
Solution Percentage of Personal Use 682236953 x 100 1844 Step 1 Calculate the to... View full answer
Get step-by-step solutions from verified subject matter experts
