How much must tighe include in his gross income

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Reference no: EM13135950

Tighe won a new automobile from his employer for being the top salesperson in the entire firm. The auto cost the employer only $34,000 because he purchased a fleet of cars from the dealer; it had a retail price of $37,000. In addition, Tighe’s employer gave him $5,000 with which to pay the taxes on the prize. How much must Tighe include in his gross income?

Reference no: EM13135950

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