Frequent flier miles and asset classes

Assignment Help Accounting Basics

Reference no: EM1364678

Frequent-Flier Miles.

- Take a position on whether or not employees who travel for business should be required to include the value of frequent-flyer miles in their gross income. Support your position with examples or other evidence.

- Explain how your position changes if the employer reports to the IRS the value of the employees' frequent-flyer mileage.

Red Corporation.

Red Corporation operates a facility that produces ethanol. The ethanol is produced by the fermentation of starches released from milled biostocks. The primary business purpose for the ethanol is as an alternative fuel source to gasoline.

- Discuss the possible asset class options that Red Corporation may use for the ethanol.

- Identify the class you would recommend to Red and explain your rationale.

Reference no: EM1364678

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