Business, 27.02.2020 21:57 janny48

Brent Bishop is the vice president of operations for Southern Sweets Bakery. He drives a 2019 Toyota Prius Prime as his company car, and it has a fair market value of $37,500. The prorated annual lease value per Publication 15-b for the vehicle is $10,150. He reported driving 35,150 miles during 2019, of which 20 percent were for personal reasons. The company pays his fuel and charges him five cents per mile for fuel charges. Required: Using the lease value rule, what is the valuation of Brent’s company car benefit?

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Brent Bishop is the vice president of operations for Southern Sweets Bakery. He drives a 2019 Toyota...