Dion retires after 50 years of working for Zacker Industries. His boss gives him a $400 Apple

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Dion retires after 50 years of working for Zacker Industries. His boss gives him a $400 Apple Watch as a retirement gift. Is it taxable to Dion?

a. No. Retirement gifts are not taxable if they are under $1,600.

b. No. It does not exceed the $400 limit.

c. Yes. All gifts from employers are considered compensation.

d. Yes. Gifts given without a qualified award plan are taxable.

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Jan 10, 2024 07:17 AM

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Dion retires after 50 years of working for Zacker Industries. His boss gives him a $400 Apple

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The detailed answer for the above question is provided below The answer is b No It does not exc... View the full answer

Income Tax Fundamentals 2013

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