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Calculate the taxable benefit arising from the use

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Question: During 2022, Babco Corporation purchased a car for its employee Andrew, at a cost of $43287, including all taxes. Babco paid $2440 for the operating costs of the car during 2022. Andrew used the car for 6 months during the year and during the months of non-use, it was returned to Babco's premises. During the year, he drove the car a total of 19176 kilometers of which 11262 kilometers were for personal travel and the remainder was for employment-related use. Andrew reimbursed Babco $128 per month for the use of the car. Calculate the taxable benefit arising from the use of the car that Andrew must include in his employment income in 2022.

Reference no: EM133528278

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