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Brent Bishop is the vice president of operations for Southern Sweets Bakery, He drives a 2019 Toyota Prius Prime as his company car and it
Brent Bishop is the vice president of operations for Southern Sweets Bakery, He drives a 2019 Toyota Prius Prime as his company car and it has a fair market value of $37.500. The prorated annual lease value per Publication 15.b for the vehicle is $10,350. He reported driving 35,350 miles during 2019, of which 20 percent were for personal reasons. The company pays his fuel and charges him five cents per mile for fuel charges. Required: Using the lease value rule, what is the valuation of Brent's company car benefit? (Do not round intermediate calculations and round your final answer to 2 decimal places.) Narbon of Bren's company car bent
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