Luciana, a nonshareholder, purchases a condominium from her employer for $85,000. The fair market value...
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Luciana, a nonshareholder, purchases a condominium from her employer for $85,000. The fair market value of the condominium is $120,000. What is Lucianas basis in the condominium and the amount of any income as a result of this purchase?
Luciana's basis in the condominium is $X and she reports $X as a (Gain, Additional Compensation, a Dividend).
I need help figuring out the bold. Please show how you got your answers. Thank you!
the answers ae not $85000 and $0.
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