The top sales person for ABC Company died in February of 2022. As a token of the company's appreciation - ABC gifted a brand new car to the spouse of the sales person. The car has a fair-market-value of $100,000. The spouse contacted you for tax advise. The spouse never worked for the company and doesn't plan to. The spouse is uncertain how to account for the very generous gift? 

Does the gift need to be reported on the spouse's tax return? 

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Yes the gift of the brand new car with ... View the full answer