During 2020, Ms. Black’s employer provides her with a company-owned automobile for 11 months of the year. It cost $31,433, including applicable HST. She drives it a total of 40,712 kilometers. Of the total kilometers driven, 16,000 kilometers relate to personal use of the automobile. The employer pays all maintenance costs which total 9,219 for the year. What is the minimum taxable benefit for the use of the automobile that will be assessed to Ms. Black for 2020

During 2020, Ms. Black’s employer provides her with a company-owned automobile for 11 months of the year. It cost $31,433, including applicable HST. She drives it a total of 40,712 kilometers. Of the total kilometers driven, 16,000 kilometers relate to personal use of the automobile. The employer pays all maintenance costs which total 9,219 for the year. What is the minimum taxable benefit for the use of the automobile that will be assessed to Ms. Black for 2020

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 56P

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