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K Ltd. paid an employee a tax-free travel allowance of $5,200 based on 9,000 kilometres of out-of-town driving. What amount can K deduct for tax purposes? Note: Do not place a minus sign in front of the amount.

K Ltd. paid an employee a tax-free travel allowance of $5,200 based on 9,000 kilometres of out-of-town driving. What amount can K deduct for tax purposes? Note: Do not place a minus sign in front of the amount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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K Ltd. paid an employee a tax-free travel allowance of $5,200 based on 9,000 kilometres of out-of-town driving. What amount can K deduct for tax purposes? Note: Do not place a minus sign in front of the amount. $
Transcribed Image Text:K Ltd. paid an employee a tax-free travel allowance of $5,200 based on 9,000 kilometres of out-of-town driving. What amount can K deduct for tax purposes? Note: Do not place a minus sign in front of the amount. $
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