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Income Tax Accounting Help Needed?


BTN, Inc., provided a car to its new sales manager, Evey Hammond, for all of 2006. Evey drove the car 12,000 miles for BTN's business during the year, and 4,000 miles for personal reasons. The value of the availability of the car for the year was $3,500. What amount is included in Evey's income for 2006?

Research. Indicate Sources. Discuss answers.

Ok... I am not sure if this is the answer but....
Add 12,000 and 4,000 = 16,000 miles total
Then take 4,000/16,000= .25
.25 * $3500= $875...

However... if it is a trick question, then the answer should be 0 because the car was provided to him and Evey didn't purchase it... just used it.
Let us know when you have the answer
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