Victor has the full-time use of a company-owned Jaguar automobile. This year Victor drove 24,000 miles for business and 10,000 personal miles. His employer does not require him to report his personal...

Victor has the full-time use of a company-owned Jaguar automobile. This year Victor drove 24,000 miles for business and 10,000 personal miles. His employer does not require him to report his personal mileage but, instead, includes the lease value of the full-time use of the automobile as additional compensation on his Form W-2.