Carrying out her employment duties

Reference no: EM133611116

Question

Peterman Inc. provides an automobile to Ms. Winters for her to use in carrying out her employment duties.
Ms. Winters is given full possession of the car and is allowed to use it for personal needs. However, when she is not using it for employment or personal activities, it must be returned to Peterman's premises so that it can be used by other employees.
The automobile was purchased in 2019 for $42,000 and, during the years 2019, 2020, and 2021 the Company has deducted maximum CCA.
During 2022, Ms. Winters drove the car 52,000 kilometers, with the Company paying for all of the operating costs. These costs totaled $11,350 during the year.

Required: Ignore all GST/PST/HST implications. Indicate the minimum taxable benefit that would be allocated to Ms. Ms. Winters in each of the following Cases:

Case A Ms. Winters has use of the car for 11 months of the year. Personal use during the year totals 8,000 kilometers.

Case B Ms. Winters has use of the car for 9 months of the year. Personal use during the year totals 15,000 kilometers.

Case C Ms. Winters has use of the car for 7 months of the year. Employment use during the year totals 9,000 kilometers.

Reference no: EM133611116

Questions Cloud

Consider these to be punishment procedures : Consulting with school district and they are adamant not to use time-out or response cost procedures because they consider these to be punishment procedures

What is the journal entry for the interest payment made : each year using the straightline amortization method. What is the journal entry for the interest payment made on December? 31, 2026

Moderate risk and satisfactory results : Moderate risk and satisfactory results of the analytical procedures (your answer should provide only one materiality measure, i.e., decide on the most

Implementation of behavior intervention procedures : Describe the importance of collecting data during the implementation of behavior intervention procedures.

Carrying out her employment duties : Case A Ms. Winters has use of the car for 11 months of the year. Personal use during the year totals 8,000 kilometers

Explain the design of the doctoral project : Explain the design of the doctoral project. Explain IRB-approved data collection methods for the doctoral project.

Evaluate how you would improve each ratio you have : Calculate 3 liquidity ratios, 3 efficiency ratios, and 3 payable ratios. Please put your workings and results in a table. Your table should fit on to one page

Calculate the balance in the bank statement : Calculate the balance in the Bank Statement and the Balance in the Cash Book at the close of the month of July 20XX, before a Bank Reconciliation Statement

Why do you think that sort of relationship will exist : Why do you think that sort of relationship will exist? What other factors might affect the outcome? Be specific and provide examples.

User Account

All Pages