In the current year, Ms. Patel is provided with a vehicle leased by her employer, Everex...
In the current year, Ms. Patel is provided with a vehicle leased by her employer, Everex Ltd. The vehicle originally cost $30,000 and was leased by Everex Ltd. in the prior year, on a 36-month lease term. Ms. Patel provides you with the following information: Days the vehicle was available for use by Ms. Patel in the current year: 250 Days the vehicle was leased by Everex Ltd. in the current year: 365 Fair market value of the vehicle in...
On August 1 of the current year, Kates employer Shop Inc. provided him a vehicle. For Shop Inc. to purchase the vehicle it would cost $45,000 including all applicable taxes. Whereas leasing the vehicle would cost Shop Inc. $750 a month. In either case, Shop Inc. would pay all operating costs for the vehicle, which is expected to be $2,250 yearly. Kates estimates that he will drive 2,100 monthly, of which 300 km will be for employment. a) Determine the...
On August 1 of the current year, Kates employer Shop Inc. provided him a vehicle. For Shop Inc. to purchase the vehicle it would cost $45,000 including all applicable taxes. Whereas leasing the vehicle would cost Shop Inc. $750 a month. In either case, Shop Inc. would pay all operating costs for the vehicle, which is expected to be $2,250 yearly. Kates estimates that he will drive 2,100 monthly, of which 300 km will be for employment. a) Determine the...