lculate the taxable value of the fringe benefit using the statutory formula in the following case context: Harris provides his employee (John) with the use of a Nissan car 216 days during the Fringe Benefits Tax year. During the period, the car travelled 11,000 km. Harris purchased the car last year for $57,000. Harris contributed $3,000 towards the cost of running the car and has provided Harris with relevant documentation

Patricia buys a house (her principal residence) during the current year for $2,000,000, paying $500,000 down and borrowing the other $1,500,000 at 5% interest. If her interest expense for the year is $75,000, how much will her maximum deduction for interest expenses be? This is a federal taxation question.

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T earns a salary of $75,000 per year as a CPA. After withholdings of $15,000 forfederal income taxes, $5,500 in social security taxes, and $4,500 for state incometaxes, she takes home $50,000.a. T realizes $75,000 as income, but recognizes only $50,000.b. T realizes and recognizes $75,000 as income.c. (a) is correct unless T expressly agreed to the withholdings.d. None of the above.   Upon T’s request, his employer buys T’s grandmother a new Porsche Cayman in lieu ofpaying T $66,000 otherwise due to him as a salary (unbeknownst to T, his employer isable to buy the car for $60,000). If T had received the car and then given it to Granny,it would have been excluded from her income as a gift under Section 102.a. T’s grandmother will be required to recognize $66,000 as gross income.b. T will be required to recognize $66,000 as gross income.c. T will be required to recognize $60,000 as gross income.d. T’s employer would be required to recognize income under these facts.e. Both (b) and (d)…