Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 47 When does Section 119 exclude from income the value of meals provided to the employees? the meals are provided by the employer .

image text in transcribed
QUESTION 47 When does Section 119 exclude from income the value of meals provided to the employees? the meals are provided by the employer . the meals are listed on the employer's preme cIf the meals are furnished for the convenience of the employer. d If none of the above (a,b,c) is true If all of the above (ab,c) are true QUESTION 4B Mun has been a night watchman Burgundy Company for 10 years. During this year he received the following benefits from Burgundy Company $15.000 Hospitalization premiums $ 3.600 Required lodging on Burgundy's presies for Burgundy's convenience as a condition to Hun's employment Reward for preventing a break in What amount is indudible in Hun's gross income for this year? $17,400 $15,000 $18,600 od $22,000 $16,000 QUESTION 49 Pegay is an executive for the Tan Furniture Manufacturing Company This year, Peggy purchased furniture from the company for $5,000, the price Tan ordinarily charges a wholesaler. The retail price of the future was $12,000. The company also paid for Pego's parking space in agwage near the office. The parking toe was $1,200 for the year. All employees are allowed to buy Burntare at the manufacturer's price. However, the company does not pay other employees' parking foes Peggy's gross income from the above is 4 $8,200 $0 $7,000

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

Financial Analysis And Decision Making

Authors: David E. Vance

1st Edition

0071406654, 9780071406659

More Books

Students also viewed these Accounting questions

Question

What research background do you have?

Answered: 1 week ago

Question

Go, do not wait until I come

Answered: 1 week ago

Question

Make eye contact when talking and listening

Answered: 1 week ago

Question

Do not go, wait until I come

Answered: 1 week ago