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Question - Nikki works for the Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios?
Required -
a. Nikki buys a diamond ring from Shine Company for $13,200 (normal sales price, $18,030; Shine Company's gross profit percentage is 40 percent). What is the taxable income?
b. Nikki receives a 32 percent discount on jewelry restoration services offered by Shine Company. This year, Nikki had Shine Company repair a set of antique earrings (normal repair cost $905; discounted price $615.40). What is the taxable income?
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