Homework Answers
a. Because Nikki's 20.61% discount (1 − $15,600 / $19,650 =
0.2061) is less than Shine Company's gross profit percentage, the
bargain purchase from her employer does not result in taxable
income.
b. Nikki will recognize $ 79.65 of taxable income from the
discounted services provided by Shine Company. Discounts more than
20% for services are taxable. Thus, Nikki's taxable discount is $
79.65 ($ 256.65 Discount received − (20% × $ 885) = $ 79.65).
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