Business, 25.02.2020 16:25 montgomerykarloxc24x

For each of the following, determine the amount that should be included in gross income. If an amount is zero, enter "0".:

A. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of $60,000. Peyton did not need the automobile, so he asked that the title be put in his parents’ names. Peyton is required to include ($) in gross income.

B. Jacob was awarded the Nobel Peace Prize. When he was presented the check for $1,400,000, Jacob said, "I do not need the money. Give it to the United Nations to use toward the goal of world peace." Jacob is required to include ($) of the prizes received in his gross income.

C. Linda won the Craig County Fair beauty pageant. She received a $10,000 scholarship that paid her $6,000 for tuition and $4,000 for meals and housing for the academic year. Linda is required to include ($) of the scholarship in her gross income.

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