1. Mrs. Sally Smithsonian's employer provides her with an automobile for her use tor work andpersonally.The employer purchased the car for $54,000.• During 2019, she driyes the car a total of 32,000 kilometers, of which 27,000 kilometerswere employment related.Mrs. Smithsonian used the automobile for 12 months during 2019.Calculate Mrs. Smithsonian's minimum taxable benefit for the use of the automobile.2. Mrs. Nancy Salmon's employer provides her with an automobile for her use for work and personallyThe employer purchased the car for $58,000.During 2019, she drives the car a total of 38,000 kilometers, of which 25,000 kilometerswere employment related.Mrs. Salmon used the automobile for 10 months during 2019.Calculate Mrs. Salmon's minimum taxable benefit for the use of the automobile.

When an employee is given access to a company car and the employee uses it for personal purposes a…

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Business

Accounting

Calculate Mrs. Salmon's minimum taxable benefit for the use of the automobile.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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