Answered: value of the same on the date awarded.…

value of the same on the date awarded. Huihana is in the highest tax bracket for single taxpayers. How much gross income will Huihana recognize on the receipt of the tickets?

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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Question

Huihana receives 4 tickets to the local professional football game for achieving 20 years of employment with her employer. The tickets cost the employer $390 and have a market value of the same on the date awarded. Huihana is in the highest tax bracket for single taxpayers. How much gross income will Huihana recognize on the receipt of the tickets?

a.$0

b.$25

c.$390

d.$200

e.$50 or $59.50 including the net investment income tax

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