Evaluate the following statements: I.De minimis fringe benefits are those that are so immaterial that accounting for them is impractical.
II)De minimis fringe benefits are subject to strict antidiscrimination requirements.
III)Generally, a fringe benefit of less than $50 is considered de minimis and can be excluded from gross income.

Question

Quizplus · Accepted Answer

De minimis fringe benefits are those that are so small in value that accounting for them is impractical, making statement I true. Statement II is false because de minimis fringe benefits are not subject to strict antidiscrimination requirements. Statement III is incorrect because there is no specific dollar threshold like $50 that universally defines de minimis benefits.

Evaluate the Following Statements: I