George drives 10,000 personal miles on his company-owned car that cost $20,000. The standard mileage rate is 54.5¢ per mile for 2018 and the lease value of a car that cost $20,000 is $5,600. Under the cents-per-mile method, how is included in George's taxable compensation for 2018 for his personal use of the car?

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The Answer of George drives 10,000 personal miles on his company-owned car that cost $20,000. The standard mileage rate is 54.5¢ per mile for 2018 and the lease value of a car that cost $20,000 is $5,600. Under the cents-per-mile method, how is included in George's taxable compensation for 2018 for his personal use of the car?

George Drives 10,000 Personal Miles on His Company-Owned Car That