Question
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two vehicles per year at a discount. Levingstons average
Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two vehicles per year at a discount. Levingstons average gross profit percentage is 15%. This year Kevin purchased a 530 model and a new M3.
| Model | FMV | Dealer cost | Employee Price |
| 530 | $63,700 | $50,700 | $54,350 |
| M3 | $70,300 | $60,700 | $57,700 |
What amount must Kevin include in income?
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Bucks The Next Step Advanced Medical Coding And Auditing 2019/2020
Authors: Elsevier
1st Edition
0323582613, 978-0323582612
