Question

In the context of gifts and awards, which are near-cash items considered taxable?

a) Gift cards
b) Stocks
c) Gold nuggets
d) All of the above

Answer 1

All the items listed, including gift cards, stocks, and gold nuggets, are considered taxable near-cash items because they can be readily converted to cash and are viewed as a form of income.

Step-by-step explanation:

In the context of gifts and awards, all of the following items are generally considered taxable near-cash items: a) Gift cards, b) Stocks, and c) Gold nuggets. Near-cash items are assets that can easily be converted into cash and hold a monetary value, which makes them subject to taxation. This is because they are seen as a form of compensation, much like cash, and under tax laws, they are treated as income.