Question
During 2021, Babylon Corporation leased a car for its employee Andrew, at a monthly cost of $867, including all taxes. Babylon paid $5,242 for the
During 2021, Babylon Corporation leased a car for its employee Andrew, at a monthly cost of $867, including all taxes. Babylon paid $5,242 for the operating costs of the car during 2021. Andrew used the car for 10 months during the year and during the months of non-use, it was returned to Babylon's premises. During the year, he drove the car a total of 26,103 kilometers of which 14,880 kilometers were for personal travel and the remainder was for employment-related use.
Calculate Andrew's total taxable benefit arising from the use of the car in 2021.
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