Question
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase vehicles per year at a discount. Levingstons average gross profit percentage
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase vehicles per year at a discount. Levingston’s average gross profit percentage is 15%. This year Kevin purchased a 530 model and a new M3.
| Model | FMV | Dealer cost | Employee Price |
| 530 | $63,200 | $50,600 | $54,100 |
| M3 | $71,500 | $60,200 | $57,200 |
What amount must Kevin include in income?
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Actual discount received for model 530 63200 54100 9100 Qualified discount on m...
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
