Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mr . Brown's employer provides him with an automobile for his personal use, and pays for all of the operating expenses. The automobile, used by

Mr. Brown's employer provides him with an automobile for his personal use, and pays for all of the operating expenses. The automobile, used by Mr. Brown throughout 2023, cost his employer $31,500, including GST of $1,500(there was provincial sales tax). Mr. Brown drove the automobile 45,000 km during the year, of which 9,000 km were for personal purposes and 36,000 for employment purposes. His employer paid $7,750 in operating expenses for the year. Mr. Brown paid nothing to his employer for the use of the automobile. Which one of the following amounts represents the minimum taxable benefit that Mr. Brown must include in his employment income for the use of the automobile in 2023?
Enter your numerical answer without commas, for example, enter 9,500 as 9500

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_2

Step: 3

blur-text-image_3

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

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

10th edition

978-1337276337, 1337276332, 978-1337517546, 1337517542, 978-1337491471

More Books

Students also viewed these Accounting questions