**ETHICS**While vacationing you find a $100 bill on the beach. Nobody saw you find it. Assuming the find meets the definition of gross income, would you report it as taxable income? Why or why not? Would your answer differ if you found $100,000 instead of $100?---**Discussion points:**- Do you think that finding $100 meets the definition of gross income?- Is there a “materiality” threshold for when you have to report income?- Does not reporting the $100 violate tax law and/or ethical standards?- If you are more likely to report the $100,000, why? Does not reporting the $100,000 violate tax law and/or ethical standards?

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Answered: ETHICS While vacationing you find a…

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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