What amounts is closest to the standby charge to be included in Moe's current year taxable income?
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On March 1 of the current year, Moe's employer provided him with a company car. Moe's employer paid $35,000 for the car before 11% HST. Moe drove the car 31,500 km in the year as follows: Meetings with clients of his employer Travel between home and office Weekend travel with family Total 20,800 4,000 6,700 31,500 On March 1 of the current year, Moe's employer provided him with a company car. Moe's employer paid $35,000 for the car before 11% HST. Moe drove the car 31,500 km in the year as follows: Meetings with clients of his employer Travel between home and office Weekend travel with family Total 20,800 4,000 6,700 31,500
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personal use distance is 6700 km ie weekend travel with family Now we can p... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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