Prize or award is taxable

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Reference no: EM13308704

How much of each of the following prize or award is taxable?

a. Cherie received a $50,000 gift bag at the Oscars in 2010.

b. Bon Von Joannie received a gold watch worth $350 for 25 years of service to his accounting firm,

c. Kellie won $1,000,000 in her state lottery.

d. Debra is a professor who received $50,000 as an award for her scientific research from the University that employs her.

Reference no: EM13308704

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