c3 3. During 2021, Brenda Baker receives a watch as a safety achievement award from heremployer. The award was not a qualified plan award. The watch cost the employer $450and has a fair market value of $600. How much must Brenda include on her 2021 Form 1040?ABCDE4.$0200500600None of the aboveIn return for $1,000, Thomas Taylor cancels a debt owed to him by Albert Able. The debtamount was $7,000. Assume that the debt cancellation was not a gift and that AlbertAble is neither insolvent nor bankrupt. Which of the listed statements is correct?A Thomas Taylor has $1,000 of taxable incomeBсDEAlbert Able has $7,000 of taxable incomeAlbert Able has $6,000 of taxable incomeNeither Thomas Taylor nor Albert Able has any taxable income from the transactionNone of the listed statements are correct

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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