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How much of this benefit must he include in his gross income

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Reference no: EM133078216

Question - LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $284 per month.

Required -

A. If Lamont receives one pass (worth $284) each month, how much of this benefit must he include in his gross income each year?

B. If the company provides each employee with $284 per month in parking benefits, how much of the parking benefit must Lamont include in his gross income each year?

Reference no: EM133078216

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