Huihana receives 4 tickets to the local professional football game for achieving 20 years of employment with
Question:
Huihana receives 4 tickets to the local professional football game for achieving 20 years of employment with her employer. The tickets cost the employer $390 and have a market value of the same on the date awarded. Huihana is in the highest tax bracket for single taxpayers. How much gross income will Huihana recognize on the receipt of the tickets?
a. $390
b. $200
c. $25
d. $0
e. $50 or $59.50 including the net investment income tax
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Related Book For
Income Tax Fundamentals 2021
ISBN: 9780357141366
39th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill
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