Lily is excited because she is getting a company car. Her employer is purchasing a car for $35,000. She will be getting the car in January 1st 2022. Her employer pays all of the operating expenses, which are expected to be about $3800 per year. Lily likes to drive and during the year drives a total of 37,000 km, of which 7,000 are for business. Which of the following statements is true? Her total taxable benefit is $17,100. Her standby charge is $3,800 and her operating benefit is $8,700. Her standby charge is $8,400 and her operating benefit is $3,081. None of the above are correct.

Lily is excited because she is getting a company car. Her employer is purchasing a car for $35,000. She will be getting the car in January 1st 2022. Her employer pays all of the operating expenses, which are expected to be about $3800 per year. Lily likes to drive and during the year drives a total of 37,000 km, of which 7,000 are for business. Which of the following statements is true? Her total taxable benefit is $17,100. Her standby charge is $3,800 and her operating benefit is $8,700. Her standby charge is $8,400 and her operating benefit is $3,081. None of the above are correct.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter13: Property Transact Ions: Determination Of Gain Or Loss, Basis Considerations, And Nontaxable Exchanges

Section: Chapter Questions

Problem 87P

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