Blaine is the vice president of operations for Southern Sweets Bakery. Blaine drives a 2023 Toyota Prius as his company car, and it hasa fair market value of $41,500. The vehicle's prorated annual lease value per Publication 15-B is $10,750. Blaine reported driving 34,750miles during 2023, of which 20 percent were for personal reasons. The company pays for fuel and charges five cents per mile for fuelcharges.Required:Using the lease value rule, what is the valuation of Blaine's company car benefit?Note: Do not round intermediate calculations and round your final answer to 2 decimal places.Valuation of Blaine's company car benefit

Calculation of the valuation of Blaine Company car benefits as follows : First , we need to…

Blaine is the vice president of operations for Southern Sweets Baker a fair market value of $41,500. The vehicle's prorated annual lease va miles during 2023, of which 20 percent were for personal reasons. T charges. Required: Using the lease value rule, what is the valuation of Blaine's company Note: Do not round intermediate calculations and round your final Valuation of Blaine's company car benefit

Blaine is the vice president of operations for Southern Sweets Baker a fair market value of $41,500. The vehicle's prorated annual lease va miles during 2023, of which 20 percent were for personal reasons. T charges. Required: Using the lease value rule, what is the valuation of Blaine's company Note: Do not round intermediate calculations and round your final Valuation of Blaine's company car benefit

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 22P

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