Mr. Nick is the President of the Cloud Company and is provided by the Company with a Buick Skylark which has been leased by the Company at a cost of $1,000 per month. During the year, the car was driven by Mr. Nick a total of 59,000 KM, 55,000 KM being for employment purposes. The car was used by Mr. Nick throughout the current year, and total annual operating costs amounted to $18,000 all paid by the company. Required: Calculate the minimum amount of taxable benefit for the current year that will accrued to Mr. Nick.Part B (9 Marks) During 2020, Jack Johnson's employer; Export Company ("the Company"), granted him stock options that allowed him to acquire 10,000 shares of the Company's common stock at a price of $21 per share. At this time, the shares have a fair market value of $20 per share. On June 1, 2021, Jack exercises all of these options. At this time, The Company's shares have a fair market value of $30. On January 31, 2022 Jack sells the 10,000 Company shares at a price of $28 per share. Required: For each of the following cases, calculate the tax consequences of the transactions that took place during 2020, 2021, and 2022 on both the Net income for tax purposes and the taxable income of Jack Johnson. Make sure to state which year's tax return each amount belongs in. Scenario 1 - If the Company is a public company Scenario 2 - If the Company is a private company