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How much taxable income does priya recognize

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Question

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

1. Priya buys a diamond ring from Shine Company for $10,600 (normal sales price, $15,350; Shine Company's gross profit percentage is 40 percent).

2. Priya receives a 27 percent discount on jewelry restoration services offered by Shine Company. This year, Priya had Shine Company repair a set of antique earrings (normal repair cost $720; discounted price $525.60).

Reference no: EM133513471

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