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22 August, 22:32

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

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  1. 22 August, 22:51
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    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.
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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.
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