Multiple Choice
Hal Gore won a $1 million prize for special contributions to environmental research. This prize is awarded for public achievement, and Hal directed the awarding organization to transfer $400,000 of the award to the Environmental Protection Agency. How much of the prize should Hal include in his gross income?
A) $400,000
B) $600,000
C) $1,000,000
D) None of the choices are correct because all prizes are excludable.
E) None of the choices are correct because prizes from charities are excludable.
Correct Answer:
Verified
Correct Answer:
Verified
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