Mia Gibbons is a vice president of Pump You Up Ltd., a private corporation she started and

Question:

Mia Gibbons is a vice president of Pump You Up Ltd., a private she started and currently owns with three of her university colleagues. Mia has recently signed a lease for an upscale downtown condominium which she intends to move into next month. It has been agreed that Pump You Up Ltd. will pay the $2,000 monthly rental for the condominium.
REQUIRED
Discuss the income tax consequences of this arrangement to Mia and to Pump You Up Ltd.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...