Question: Show me the steps to solve Problem 4 - 5 6 ( LO . 4 ) For each of the following, determine the amount that

Show me the steps to solve Problem 4-56(LO.4)
For each of the following, determine the amount that should be included in gross income.
If an amount is zero, enter "0".
Question Content Area
a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of $60,000. Peyton did not need the automobile, so he asked that the title be put in his parents' names.

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