What tax consequences to ted and to joan

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Joan won a computer programming competition for high school students. The competition was sponsored by the Computer Store, which awarded computers to Joan and her teacher, Ted. The Computer Store, which purchased the computers for $900 each, lists such computers for sale at $2,000, although it occasionally sells them at reduced prices as low as $1,600. Ted had a comparable computer already, so he promptly sold the computer he received to a fellow teacher for $1,200. What tax consequences to Ted and to Joan?

Reference no: EM133534680

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