Kevin is the financial manager of Levingston BMW.The shop allows employees to purchase up to two vehicles at a discount.Levingston's average gross profit percentage is 15%.This year Kevin purchased a 530 model and a new M3. $$\begin{array} { c c c c }
\text { Model } & \text { FMV } & \text { Dealer cost } & \text { Employee Price } \
530 & \$ 63,000 & \$ 50,000 & \$ 54,000 \
\text { M3 } & \$ 10,000 & \$ 60,000 & \$ 57,000
\end{array}$$ What amount must Kevin include in income?

Question

Kevin is the financial manager of Levingston BMW.The shop allows employees to purchase up to two vehicles at a discount.Levingston's average gross profit percentage is 15%.This year Kevin purchased a 530 model and a new M3. $$\begin{array} { c c c c } 
\text { Model } & \text { FMV } & \text { Dealer cost } & \text { Employee Price } \
530 & \$ 63,000 & \$ 50,000 & \$ 54,000 \
\text { M3 } & \$ 10,000 & \$ 60,000 & \$ 57,000
\end{array}$$ What amount must Kevin include in income?

Quizplus · Accepted Answer

The Answer of Kevin is the financial manager of Levingston BMW.The shop allows employees to purchase up to two vehicles at a discount.Levingston's average gross profit percentage is 15%.This year Kevin purchased a 530 model and a new M3. $$\begin{array} { c c c c } 
\text { Model } & \text { FMV } & \text { Dealer cost } & \text { Employee Price } \
530 & \$ 63,000 & \$ 50,000 & \$ 54,000 \
\text { M3 } & \$ 10,000 & \$ 60,000 & \$ 57,000
\end{array}$$ What amount must Kevin include in income?

Kevin Is the Financial Manager of Levingston BMW What Amount Must Kevin Include in Income? A) $0

Kevin Is the Financial Manager of Levingston BMW What Amount Must Kevin Include in Income?
A) $0