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Determine the amount that taxpayer is required

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Reference no: EM132919171

Problem 1: Taxpayer is an employee of a large electronics retailer. During the tax year, Taxpayer used her employee discount to purchase an item with a fair value of $1,950. Taxpayer's employer charge her $1,006 for the item. Determine the amount, if any, that taxpayer is required to include in gross income as a result of this transaction if the employer's gross profit percentage is 32%.

Reference no: EM132919171

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