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in 2 0 2 1 , the Margate Corporation asquired an automobile with the cost if 3 0 , 0 0 0 for use in
in the Margate Corporation asquired an automobile with the cost if for use in jts business. Shortly thereafter, Margate Corporation experiences a declined in sales. Several employees were laid off and the automobile was not immediately needed for any of the sales personnel. Instead of letting the new automobile sit in the corporate lot, the president decided to permit a corporate officer to use tbe automobile for personal use. The officer used the automobile in and only. In Margate Corporation hired you as their new CPA you learn that the officer's personal use of the corporate automobile toom place for the two prior yeaes without proper accoutning to the IRS. As Margate Corporation's tax consulant what actions shohld you take rwgarding the proper treatment of the automobile? what are your responsibilities as CPA REGARDING this matter under the rules kf the AICPA's SSTS no
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