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Blaine is the vice president of operations for Southern Sweets Bakery. Blaine drives a 2022 Toyota Prius as his company car, and it has a
Blaine is the vice president of operations for Southern Sweets Bakery. Blaine drives a 2022 Toyota Prius as his company car, and it has a fair market value of $41,500. The vehicle's prorated annual lease value per Publication 15B is $10,750. Blaine reported driving 35,700 miles during 2022 , of which 20 percent were for personal reasons. The company pays for fuel and charges five cents per mile for fuel charges. Required: Using the lease value rule, what is the valuation of Blaine's company car benefit? Note: Do not round intermediate calculations and round your final answer to 2 decimal places
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