Ask Question
BusinessBusiness
24 February, 23:39

Hal Gore won a $2.25 million prize for special contributions to environmental research. This prize is awarded for public achievement, and Hal directed the awarding organization to transfer $510,000 of the award to the Environmental Protection Agency. How much of the prize should Hal include in his gross income?

+2
Answers (1)
  1. 25 February, 02:32
    0
    Answer: $1,740,000

    Explanation:

    Given that,

    Hal gore won a prize = $2,250,000

    Amount from the award transfer to Environmental Protection Agency = $510,000

    Prize should Hal include in his gross income = Prize amount - Transfer amount

    = $2,250,000 - $510,000

    = $1,740,000
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Hal Gore won a $2.25 million prize for special contributions to environmental research. This prize is awarded for public achievement, and ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Firms raise capital at the total corporate level by retaining earnings and by obtaining funds in the capital markets. They then provide funds to their different divisions for investment in capital projects.
Answers (1)
The following information is available from the records of a manufacturing company that applies factory overhead based on direct labor hours: Estimated overhead cost: $500,000 Estimated labor hours: $200,000 Actual overhead cost: $515,000 Actual
Answers (1)
Rate of Return if State Occurs State of Economy Probability of State of Economy Stock A Stock B Stock C Boom. 15.39.49.29 Good. 55.15.20.08 Poor. 25 -.01 -.09 -.07 Bust. 05 -.20 -.24 -.
Answers (1)
What job can you get at the age of 14?
Answers (1)
How much federal tax should i pay on 17000?
Answers (1)
New Questions in Business
Last year, a women's professional organization made two small-business loans totaling $23,000 to young women beginning their own businesses. The money was lent at 9% and 11% simple interest rates.
Answers (1)
When Crossett Corporation was organized in January 2018, it immediately issued 4,000 shares of $50 par, 6 percent, cumulative preferred stock and 50,000 shares of $20 par common stock.
Answers (1)
If the market is in equilibrium, then an option must sell at a price that is exactly equal to the difference between the stock's current price and the option's strike price. a. True b. False
Answers (1)
You are considering buying a share of stock in XYZ Corporation. At the end of years 1, 2, and 3 the stock will pay you a dividend of $15. In addition, at the end of the third year you expect to sell the share of stock for $100.
Answers (1)
Who is responsible for reporting identity fraud? Choose one answer. a. The victim of fraud b. The police c. Any of the three credit reporting agencies d. The company that accepted a stolen credit card or false information
Answers (1)
Home » Business » Hal Gore won a $2.25 million prize for special contributions to environmental research. This prize is awarded for public achievement, and Hal directed the awarding organization to transfer $510,000 of the award to the Environmental Protection Agency.
Sign Up Forgot Password?