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How much gross income will Huihana recognize on the receipt

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Problem - Huihana receives a watch for achieving 20 years of employment with her employer. The watch cost the employer $225 and has a market value of $250 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 watch?

a. $250

b. $200

c. $25

d. $0

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

Reference no: EM132673879

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