Huihana receives a watch for achieving 20 years of employment with her employer. The watch cost the
Question:
Huihana receives a watch for achieving 20 years of employment with her employer. The watch cost the employer $225 and has a market value of $250 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 watch?
a. $250
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 2019
ISBN: 9781337703062
37th Edition
Authors: Gerald E. Whittenburg, Steven Gill
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