Is it taxable income, The director said that the gift could

Is it taxable income

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Problem

A few people have come to the end of their careers. He has worked for 40 years at the same company, and as a parting gift the company gives him a painting valued at at least 1.5 million crowns. In the farewell speech of the CEO of the company, it is stated that the man has been one of the most trusted employees for years, and it could be said that his salary was not always in line with his work contribution. Get the instant assignment help. The director said that the gift could therefore be seen in part as a compensation for the too low salary during his tenure. Is it taxable income?

Reference no: EM133971841

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