Automobile be returned to their premises

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Reference no: EM133971394

Question

Hadley provides Ms. Kim with a Lexus that was purchased in 2022 for $58,000. In 2023, she drove 92,000 kilometres, with 85,000 for employment purposes and 7,000 for personal use. In 2023 Ms. Kim paid all the operating expenses, a total of $6,200. However, Hadley provides her with a flat rate annual allowance of $7,200 to compensate her for these expenses. The allowance is paid in monthly amounts of $600. The allowance is not based on kilometer use. While Ms. Kim was hospitalized during the month of March (see Note Two), her employer's policy required that the automobile be returned to their premises. What is the taxable benefit?

Reference no: EM133971394

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