Question
Aidan is an administrator for a publicly traded Canadian manufacturing company, Monopoly Inc. The following items pertain to his employment information for the 2019 taxation
Aidan is an administrator for a publicly traded Canadian manufacturing company, Monopoly Inc. The following items pertain to his employment information for the 2019 taxation year
During 2019, Aidan was providedwith an automobile that was purchased in 2018 by his employer,Monopoly Inc. The cost of the car was$32,229, including all taxes.Monopoly paid $3,439for the operating costs of the car during 2019.Aidan used the carfor 6 months during 2019 and during the months of non-use, it wasreturned to Monopoly's premises. During 2019, he drove the car a total of 18,960kilometers ofwhich8,440kilometerswere for employment-related travel and theremainder was for personal use. Aidan reimbursed Monopoly $78per month of use of the automobile.
The answer is 6,345.08 please help with calculation
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started