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Priya works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Priya recognize under the following scenarios? a. Priya buys

Priya works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Priya recognize under the following scenarios?

a. Priya buys a diamond ring from Shine Company for $10,000 (normal sales price, $14,000; Shine Company's gross profit percentage is 40 percent).

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