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Ali is an employee of Albuhaira Insurance Corp. Albuhaira leased a car to be used by Ali who is an employee of Albuhaira, on his
Ali is an employee of Albuhaira Insurance Corp. Albuhaira leased a car to be used by Ali who is an employee of Albuhaira, on his business trips. The annual lease-value of this vehicle is $15,000. In the current year, 70 percent of the miles driven by Ali in this vehicle were on business and 30 percent were for his personal use. How much, if any, taxable income does Ali have from his use of this vehicle?
$4,500. | ||
$15,000. | ||
None of these answers. | ||
$0. | ||
$10,500. |
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