Scenario
Joe's employer gave him a Ford Mustang as a reward for being the company's best employee (Joe became the vehicle's owner, that is, his employer transferred vehicle title to him). The employer had purchased the car the day before for $30, 000. Joe used the car solely for his personal use throughout the year. The annual rental fee for such a car is $5, 000. If Joe has additional compensation income, that amount will be:

A. $30, 000
B. $5, 000
C. $25, 000
D. $5, 000 * number of years Joe is allowed to use the car

Question

06-07-2024
Business

Answered

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Scenario
Joe's employer gave him a Ford Mustang as a reward for being the company's best employee (Joe became the vehicle's owner, that is, his employer transferred vehicle title to him). The employer had purchased the car the day before for $30, 000. Joe used the car solely for his personal use throughout the year. The annual rental fee for such a car is $5, 000. If Joe has additional compensation income, that amount will be:

A. $30, 000
B. $5, 000
C. $25, 000
D. $5, 000 * number of years Joe is allowed to use the car

Sagot :

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