Joe Smith started working for XYZ Computer 10 years ago. This year Joe was awarded a $2,000 solid gold watch in recognition of his years of dedicated service. He had never received an award of any kind before. The award was not a qualified plan award. His was the only award given this year. The award was presented at the company's annual dinner. How much income must Joe include?

Answer rating: 100% (QA)

In this scenario Joe Smith received a 2000 solid gold watch as an award for ... View the full answer