Problem
Bolton Manufacturing Company owns a car with an original cost of $30,000. In 2021, the car was driven by Mr. Sebastian, the sales manager of the company. During the year, Mr. Sebastian used the car for 10 months of the year and drove a total of 36,000 kilometres, of which 15,000 kilometres were personal. Operating cost for the years was $3,920, all of which was paid by the company. Calculate Mr. Sebastian's taxable benefit for 2021.