On December 20, 2019, Deb's employer gave her a Tag Heuer Limited Edition Tom Brady watch because
Question:
On December 20, 2019, Deb's employer gave her a Tag Heuer Limited Edition Tom Brady watch because Deb met her sales quota for the year. Deb’s employer originally purchased the watch at the beginning of 2019 for $3,000. At the time Deb received the watch from her employer (Dec. 20, 2019), the price of similar watches had increased to $3,750 because everyone thought that Tom Brady was going to lead the Patriots to another Super Bowl victory. By Dec. 31, 2019, the last day of the tax year, Tag Heuer Limited Edition Tom Brady watches were selling on eBay for $2,000 because Tom Brady was blamed for the Patriots loss to the Miami Dolphins in the playoffs. What is the amount of Deb's gross income, if any, from the receipt of the watch?
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella