LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to
Question:
LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $265 per month.
a. If LaMont receives one pass (worth $265) each month, how much of this benefit must he include in his taxable income each year?
b. If the company provides each employee with $265 per month in parking benefits, how much of the parking benefit must LaMont include in his taxable income each year?
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a Under 132f5A an employer may exclude transit passes as a qualified transportation f...View the full answer
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Related Book For 
Taxation Of Individuals And Business Entities 2019 Edition
ISBN: 9781259918391
10th Edition
Authors: Brian C. Spilker, Benjamin C. Ayers, John Robinson, Edmund Outslay, Ronald G. Worsham, John A. Barrick, Connie Weaver
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