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Question

This year Ed celebrated his 25th year as an employee of Designer Jeans Company. In recognition of his long and loyal service, the company awarded Ed a gold watch worth $298 and a $2,420 cash bonus. What amount must Ed include in his gross income?

Multiple Choice

  • Zero if Ed offers to contribute his watch and bonus to a qualified charity.
  • $2,718.
  • Zero - all employee awards are excluded from gross income.
  • $2,420.
  • $298.

 

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