19 July 1991 T.I. (Tax Window, No. 7, p. 8, ¶1363)

Where a property provided by a corporation to its shareholder is so expensive or luxurious that there is no normal rental market, the taxable benefit will be calculated by adding all maintenance costs incurred by the corporation and a return on the greater of the cost or fair market value of the property computed at the interest rate prescribed for purposes of s. 80.4, and deducting any amounts paid by the shareholder to the corporation.

Where a property (such as a Florida condominium) is not acquired by a corporation for the purpose of gaining or producing income (e.g., where the property is acquired for the personal use of a shareholder), the corporation will be permitted no deductions for operating costs except to the extent of the rent received by the corporation.