The employer allowed jensen to use the condominium for free in recognition of outstanding a information, what is Jensen's gross income for the year? O $1.800 $1,400 O $12.400 O $1,770
The employer allowed jensen to use the condominium for free in recognition of outstanding a information, what is Jensen's gross income for the year? O $1.800 $1,400 O $12.400 O $1,770
Chapter13: Comparative Forms Of Doing Business
Section: Chapter Questions
Problem 32CE
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Transcribed Image Text:Jensen reported the following items during the current year:
Fair rent value of a
condominium owned by
Jensen's employer
Cash found in a desk purchased
for $30 at a flea market
inheritance
$1,800
The employer allowed jensen to use the condominium for free in recognition of outstanding achievement. Based on this
information, what is Jensen's gross income for the year?
$1,400
$12,400
$ 1.400
O $1.770
400
11.000
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