Ask Question
BusinessBusiness
8 April, 13:05

In 2019, Joan accepted and received a $10,000 award for outstanding civic achievement. Joan was selected without any action on her part, and no future services are expected of her as a condition of receiving the award. What amount should Joan include in her 2019 gross income in connection with this award? A. $0B. $4000C. $5000D. $10000

+5
Answers (1)
  1. 8 April, 15:04
    0
    A) $0

    Explanation:

    If the award was unsolicited and given to Joan in recognition for her accomplishments in scientific, educational, literary, religious, artistic, or civic fields, then the award is not taxed.

    The unsolicited part is the key here, since most awards are given to candidates that have been previously been nominated by someone, e. g. Nobel prizes are only given to nominated candidates and the winners must pay income taxes.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “In 2019, Joan accepted and received a $10,000 award for outstanding civic achievement. Joan was selected without any action on her part, ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What is the W-4 form used for? filing taxes with the federal government determining the amount of money an employee has paid out in taxes calculating how much tax should be withheld from a person's paycheck calculating how much income was paid in
Answers (2)
Which is the instrumental view regarding motivation to become ethical? A. Group of answer choices Jump on the "bandwagon" to appear more legitimate without becoming more ethical. B. Be self-motivated to "do it right" regardless of social pressures.
Answers (1)
Which of the following is a characteristic of a successful entrepreneur? A. Passion B. Popularity C. Wealth D. Experience
Answers (1)
List the steps of the basic problem-solving procedure
Answers (1)
Which type of store has high sales volume, little service, and prices 20-40 percent lower than supermarkets?
Answers (1)
New Questions in Business
A country that has multinational corporations is most likely to be
Answers (2)
If a tree grew more than 3 feet during the year, how much more likely is it that the tree was at most 50 yards from the river?
Answers (2)
An HP-10BII can solve problems with up to 15 beginning-of-year cash flows when there are no consecutive equal cash flows. True / False.
Answers (1)
Do you think we need to prioritize wants? why
Answers (1)
When the auditors discover an overstatement of accounts payable, they would most likely also expect to find an overstatement of:?
Answers (1)
Home » Business » In 2019, Joan accepted and received a $10,000 award for outstanding civic achievement. Joan was selected without any action on her part, and no future services are expected of her as a condition of receiving the award.
Sign Up Forgot Password?