What amount must kevin include in income

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Reference no: EM133925947

Problem

Kevin is the financial manager of Levingston BMW. The shop allows employees to purchase up to two vehicles per year at a discount. Get the instant assignment help. Levingston's average gross profit percentage is 15 percent. This year Kevin purchased a 530 model and a new M3.

Model	FMV	Dealer cost	Employee Price
530	$ 63,000	$ 50,000	$ 54,000
M3	$ 70,000	$ 60,000	$ 57,000

What amount must Kevin include in income?

Reference no: EM133925947

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