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Is the benefits taxable or non-taxable

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ACC Inc. provides all of its senior personnel with a $600 monthly allowance to be used toward a car lease of their choice. The car must be approved by ACC Inc. prior to the receipt of the allowance and the senior personnel are required to use the leased vehicles for employment purposes.

Problem 1: Is the benefits taxable or non-taxable? Explain. If the benefit is taxable, determine the amount that the employer should include in the employees' income for 2020.

Reference no: EM132979679

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