Larry (not a highly compensated employee) works for Lucky's Lemonade, a company that sells lemonade machines. Lucky's Lemonade normally has a gross profit percentage of 40%. Larry's wife loves lemonade, so he buys from Lucky's lemondade a commercial lemonade for her birthday. Bob paid $650 for a machine that would have normally retailed for $1,200. What, if any, amount must be included in Bob's gross income?  

Answer rating: 100% (QA)

To determine the amount that must be included in Bobs gross income ... View the full answer