Describe how a payment would qualify as a gift. What are the tax consequences if a salesperson receives a free trip for having the highest sales for the quarter? Why? If a neighbor gifts shares of stock with a fair value of $12,000 to you, what are the tax consequences of that transfer? What are future tax consequences to you if that stock appreciates in value?

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Payment as independent sales representative would be considered as income from selfe... View the full answer