Solution-How much of the prize should hal include in gross

How much of the prize should hal include in gross income

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Reference no: EM132950764

Problem 1: Hal Gore won a $1.1 million prize for special contributions to environmental research. This prize is awarded for public achievement, and Hal directed the awarding organization to transfer $472,500 of the award to the Environmental Protection Agency. How much of the prize should Hal include in his gross income?

Option 1: $472,500
Option 2: $627,500
Option 3: $1,100,000
Option 4: None of the choices are correct because all prizes are excludible
Option 5: None of the choices are correct because prizes from charities are excludible

Reference no: EM132950764

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How much of the prize should hal include in gross income

Reference no: EM132950764

Reference no: EM132950764

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