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Under the lease-value rule, if the prorated annual lease is $5,500, percent of personal use...

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Accounting

Under the lease-value rule, if the prorated annual lease is $5,500, percent of personal use during the year is 18.18 percent, personal annual lease value is $1,000 and the value of employer provided fuel is $250, the total personal use taxable income is (Round your answer to a whole dollar).

=5,500*18.18%

=999.99+250 (round to whole dollar)

Answer is $1,250

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