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What amount must kevin include in income

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

Model FMV Dealer cost Employee Price 530 $63,250 $50,250 $54,125 M3 $71,400 $60,250 $57,250

What amount must Kevin include in income?

Reference no: EM132365331

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