LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to

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LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $255 per month.
a. If LaMont receives one pass (worth $255) each month, how much of this benefit must he include in his taxable income each year?
b. If the company provides each employee with $255 per month in parking benefits, how much of the parking benefit must LaMont include in his taxable income each year?
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Taxation Of Individuals And Business Entities 2015

ISBN: 9780077862367

6th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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