Essay
On December 24 of the current year, Louise is given a certificate by her employer entitling her to $1,500 worth of lodging at a Vail Village resort. The certificate states that it represents a "thank you" for graciously taking care of some client problems that were beyond the scope of normal business activities. The certificate is nontransferable. How much gross income must Louise recognize in the current year due to the certificate? Explain.
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