Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Geoffrey Inc. provides an automobile to Ms. Adrien for her to use in carrying out her employment duties. Ms. Adrien is given full possession of

Geoffrey Inc. provides an automobile to Ms. Adrien for her to use in carrying out her employment duties. Ms. Adrien is given full possession of the car and is allowed to use it for personal needs. However, when she is not using it for employment or personal activities, it must be returned to Geoffrey's premises so that it can be used by other employees. The automobile was purchased in 2017 for $42,000 and, during the years 2017, 2018, and 2019, the Company has deducted maximum CCA. During 2019, Ms. Adrien drove the car 48,000 kilometers, with the Company paying for all of the operating costs. These costs totaled $9,850 during the year. Required: Ignore all GST/PST/HST implications. Indicate the minimum taxable benefit that would be allocated to Ms. Adrien in each of the following Cases: Case A: Ms. Adrien has use of the car for 11 months of the year. Personal use during the year totals 4,000 kilometers

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Basic Principles Of Accounting A Guide For Toatal Beginners

Authors: Simon Udeh Andrew

1st Edition

979-8861488440

More Books

Students also viewed these Accounting questions

Question

2. (1 point) Given AABC, tan A b b

Answered: 1 week ago

Question

=+ c. a company president deciding whether to open a new factory

Answered: 1 week ago