Thompson received a new computer system from her employer as an employee achievement award. The computer system cost the employer $2,200 due to a corporate discount; it had a retail value of $3,000. In addition, Thompson's employer gave her $900 to help cover the taxes on the award. How much must Thompson include in her gross income?

Thompson received a new computer system from her employer as an employee achievement award. The computer system cost the employer $2,200 due to a corporate discount; it had a retail value of $3,000. In addition, Thompson's employer gave her $900 to help cover the taxes on the award. How much must Thompson include in her gross income?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter1: Federal Income Taxation—an Overview

Section: Chapter Questions

Problem 51P: Darrell is an employee of Whitneys. During the current year, Darrells salary is 136,000. Whitneys...

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