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What is the effect of an option on wendys taxable income

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Question 1. Wendy is permitted to purchase Chemical Ltd. products for her personal use at 20% discount from selling price. During the Year, she purchased $1000(at the selling price before discount) of products for her sister. Should this part be included in employment income of Wendy?why?

Question 2. What is the effect of an option on Wendy's taxable income if the FMV of shares($40) is greater than the option value($35) on the date of grant? Why?

Reference no: EM132463670

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