LaMont works for a company in downtown Chicago. The firm encourages employees to use public...
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Accounting
LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $278 per month.
a. If LaMont receives one pass (worth $278) each month, how much of this benefit must he include in his gross income each year?
b. If the company provides each employee with $278 per month in parking benefits, how much of the parking benefit must LaMont include in his gross income each year?
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