Norbert works in a beauty salon. He receives a 50% employee discount for salon services. In 2016,

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Norbert works in a beauty salon. He receives a 50% employee discount for salon services. In 2016, he used his discount to buy $1,000 of services with a fair market value of $2,000. As a result of these bargain purchases, how much should Norbert include in 2016 gross income?
a. $1,000
b. $600
c. $2,000
d. $0
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South Western Federal Taxation Individual Income Taxes 2017

ISBN: 9781305873988

40th Edition

Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen

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