Mr. Brown's employer provides him with an automobile for his personal use, and pays all operating costs for that vehicle. The vehicle. used by Mr. Brown throughout the year, cost his employer $36,500. Mr. Brown drove the vehicle 38.000 km during the year, of which 21,000 km were for personal purposes. His employer paid $7,750 in operating costs for the year. Mr. Brown paid $800 to his employer for the use of the vehicle. Mr. Brown was on disability leave for 2 months during the year, and returned the car and keys to his employer. Which one of the following amounts represents the minimum taxable benefit that Mr. Brown must include in his employment income for the use of this vehicle in 2020? (do not use a dollar sign or comma when answering) Answer:

Mr. Brown's employer provides him with an automobile for his personal use, and pays all operating costs for that vehicle. The vehicle. used by Mr. Brown throughout the year, cost his employer $36,500. Mr. Brown drove the vehicle 38.000 km during the year, of which 21,000 km were for personal purposes. His employer paid $7,750 in operating costs for the year. Mr. Brown paid $800 to his employer for the use of the vehicle. Mr. Brown was on disability leave for 2 months during the year, and returned the car and keys to his employer. Which one of the following amounts represents the minimum taxable benefit that Mr. Brown must include in his employment income for the use of this vehicle in 2020? (do not use a dollar sign or comma when answering) Answer:

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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