Question: Assume that a friend has accepted a position working as an accountant for a large automaker. As a signing bonus, the employer provides the traditional

Assume that a friend has accepted a position working as an accountant for a large automaker. As a signing bonus, the employer provides the traditional cash incentive but also provides the employee with a vehicle not to exceed a retail price of $25,000. Explain to your friend whether the value of the vehicle is included, excluded, or partially included in the employee's taxable income.

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