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Exercise 14-19 (Algorithmic) (LO. 3) Luciana, a nonshareholder, purchases a condominium from her employer for $135,500. The fair market value of the condominium is $189,700.

Exercise 14-19 (Algorithmic) (LO. 3) Luciana, a nonshareholder, purchases a condominium from her employer for $135,500. The fair market value of the condominium is $189,700. What is Luciana's basis in the condominium and the amount of any income as a result of this purchase? Luciana's basis in the condominium is $ and she reports $ as

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