Cindy works as the marketing director at Bargain Centre, a large sporting goods retail store that...
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Cindy works as the marketing director at Bargain Centre, a large sporting goods retail store that sells, among other things, official replica jerseys from all of the teams in the Australian Basketball Association ("ABA", a professional basketball league), including the Sydney Mermen. As part of a performance-based rewards program, Cindy receives from Bargain Centre one “VIP ticket” to a Sydney Mermen game. VIP tickets provide a number of amenities including courtside recliner seats, premium complimentary food and drinks, pre-game access to locker rooms and facilities tour, access to private Toto Washlet toilets, post-game access to the press conference, and a personalized Mermen replica jersey. VIP tickets have a face value of $10,600, although the team often sells them for less (on a case-by-case basis) or even gives them away for free (as part of its promotional activities, corporate sponsorship relationships, and public relations efforts). Cindy sells her VIP ticket on Gumtree for $11,000. Discuss the tax consequences of the above facts. Cindy works as the marketing director at Bargain Centre, a large sporting goods retail store that sells, among other things, official replica jerseys from all of the teams in the Australian Basketball Association ("ABA", a professional basketball league), including the Sydney Mermen. As part of a performance-based rewards program, Cindy receives from Bargain Centre one “VIP ticket” to a Sydney Mermen game. VIP tickets provide a number of amenities including courtside recliner seats, premium complimentary food and drinks, pre-game access to locker rooms and facilities tour, access to private Toto Washlet toilets, post-game access to the press conference, and a personalized Mermen replica jersey. VIP tickets have a face value of $10,600, although the team often sells them for less (on a case-by-case basis) or even gives them away for free (as part of its promotional activities, corporate sponsorship relationships, and public relations efforts). Cindy sells her VIP ticket on Gumtree for $11,000. Discuss the tax consequences of the above facts.
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Tax Consequences for Cindy from Selling the VIP Ticket Cindys sale of the VIP ticket has potential t... View the full answer
Related Book For
Understanding Business Statistics
ISBN: 978-1118145258
1st edition
Authors: Stacey Jones, Tim Bergquist, Ned Freed
Posted Date:
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