Colbert has been a waiter at the Burger Report in Starkville, Mississippi for four years. The Burger Report treats its employees well, allowing them a 60 percent discount for any food that they buy and consume on the premises (e.g., a $10 meal will cost only $4). In 2019, the value of the discount for Colbert amounted to $2,500 for days on which he was working and $1,500 for days when he was not assigned to work but still stopped by during mealtimes. The average profit the Report earns on a meal is 25 percent (i.e., the cost of a $10 meal is about $8.00). There is no requirement that Colbert eat at the Report during his breaks and some days he does and others he does not. Fortunately, there are a number of other eating establishments near the Report that Colbert can walk to and still get back to his fryolator with plenty of time before his shift starts again. The Report is adequately staffed so it’s not as if Colbert needs to stay at the restaurant to be “on call,” after all, there is no such thing as a “burger emergency!” Prepare a tax research memorandum in good form that provides your conclusion on Colbert’s treatment of the meals provided by his employer at a discount in 2019 for federal tax purposes. Do not consider any reporting by the Report on Colbert’s W-2—focus on only Colbert’s responsibility.