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Exercise 7-1 (Algorithmic) (LO. 3) Luciana, a nonshareholder, purchases a condominium from her employer for $145,100. The fair market value of the condominium is $203,140.

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Exercise 7-1 (Algorithmic) (LO. 3) Luciana, a nonshareholder, purchases a condominium from her employer for $145,100. The fair market value of the condominium is $203,140. 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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