Business, 08.10.2019 01:00 stuckonquestions
Majestic vehicle company manufactures automobiles. employees of the company can buy a new automobile for majestic's cost plus 2 percent. the automobiles are sold to dealers at cost plus 20 percent. generally, employees of regional dealer, inc., are allowed to buy a new automobile from the company at the dealer's cost. officers of regional dealer are allowed to use a company vehicle (for personal use) at no cost. which of the following statements is true?
a. employees of regional dealer are required to recognize as gross income the gross profit regional dealer loses as a result of the sale to the employees.
b. none of the employees who take advantage of the fringe benefits described above are required to recognize income.
c. regional dealer officers must recognize gross income from the personal use of the company vehicles.
d. employees of majestic are required to recognize as gross income 18 percent (20% - 2%) of the cost of the automobile purchased.
e. none of these choices are correct.
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Majestic vehicle company manufactures automobiles. employees of the company can buy a new automobile...
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