Question
Luciana, a nonshareholder, purchases a condominium from her employer for $85,000. The fair market value of the condominium is $120,000. What is Lucianas basis in
Luciana, a nonshareholder, purchases a condominium from her employer for $85,000. The fair market value of the condominium is $120,000. What is Lucianas basis in the condominium and the amount of any income as a result of this purchase?
Luciana's basis in the condominium is $X and she reports $X as (Additional Compensation or a Dividend).
I need help figuring out the bold. Please show how you got your answers. Thank you!
the answers are not $85000 and $0!!!
the answers are not $85000 and $0!!!
My homework says $85000 and $0 are the wrong answers. Please help.
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