Sarah was permitted to use her employer's vehicle for her vacation. The rental value of the...
Sarah was permitted to use her employer's vehicle for her vacation. The rental value of the automobile use was $1,500.
A. The $1,500 is not taxable income, nor economic income because she did not receive cash
B. The $1,500 is not economic income because her net worth did not increase
C. The $1,500 is economic but is not taxable income
D. The $1,500 is economic income and taxable income
E. None of the above
Homework Answers
The vehicle used by Sarah is her economic income and as she has not received any cash. It is not taxable.
The answer is C
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