What is valuation using the lease value rule

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Question - Janice Lucas is the president of Miller Custom Coffee Roasters. She drives a 2017 Mercedes E300 with a fair market value of $58,100. The lease value is $15,250. Janice reported that she drove 30,900 miles during 2017, of which 9,500 were for personal reasons. The company pays all her fuel and charges her 5 cents per personal mile for fuel costs. What is her 2017 valuation using the lease value rule?

Reference no: EM132938814

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