Question

Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of $60,000. Peyton did not need the automobile, so he asked that the title be put in his parents' names.

Answer 1

$60,000 gross income will include.

Explanation:

The recognition would not meet the correct form of achievement criteria to be considered for deduction from gross taxes. In addition, the clause requiring the winner to donate the award to an eligible national government or non - governmental organization entity is not met.