Nikki works for Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki...

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Nikki works for Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios? (Leave no answer blank. Enter zero if applicable.) a. Nikki buys a diamond ring from Shine Company for $12,300 (normal sales price, $16,550; Shine Company's gross profit percentage is 40 percent). Taxable income b. Nikki receives a 25 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 $735; discounted price $551). (Round your final answer to the nearest whole dollar amount.) Taxable income Three years ago, Adrian purchased 70 shares of stock in X Corp. for $7,420. On December 30 of year 4, Adrian sells the 70 shares for $2,940. (Input all amount as positive values. Leave no answer blank. Enter zero if applicable.) a. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return? Deductible loss b. Assuming Adrian has no other capital gains or losses, except that on January 20 of year 5, Adrian purchases 70 shares of X Corp. stock for $2,940. How much loss from the sale on December 30 of year 4 is deductible on Adrian's year 4 tax return? What basis does Adrian take in the stock purchased on January 20 of year 5? Deductible loss Basis Nikki works for Shine Company, a retailer of upscale jewelry. How much taxable income does Nikki recognize under the following scenarios? (Leave no answer blank. Enter zero if applicable.) a. Nikki buys a diamond ring from Shine Company for $12,300 (normal sales price, $16,550; Shine Company's gross profit percentage is 40 percent). Taxable income b. Nikki receives a 25 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 $735; discounted price $551). (Round your final answer to the nearest whole dollar amount.) Taxable income Three years ago, Adrian purchased 70 shares of stock in X Corp. for $7,420. On December 30 of year 4, Adrian sells the 70 shares for $2,940. (Input all amount as positive values. Leave no answer blank. Enter zero if applicable.) a. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on her year 4 tax return? Deductible loss b. Assuming Adrian has no other capital gains or losses, except that on January 20 of year 5, Adrian purchases 70 shares of X Corp. stock for $2,940. How much loss from the sale on December 30 of year 4 is deductible on Adrian's year 4 tax return? What basis does Adrian take in the stock purchased on January 20 of year 5? Deductible loss Basis

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Answer Part 1 a Cost of the ring to Shine Company 16550 x 60 9930 Since Nikki pays more for the item ... View the full answer