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What is the amount of Deb gross income

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Problem - On December 20, 2020, Deb's employer gave her a Tag Heuer Limited Edition Tom Brady watch because Deb met her sales quota for the year. Deb's empioyer originally purchased the watch at the beginning of 2020 for $3,750. At the time Deb received the watch from her employer (Dec. 20, 2020), the price of 'similar watches had increased to $4,000 because everyone thought that Tom Brady was going to win another Super Bowl. By Dec. 31, 2020, the last day of the tax year, Tag Heuer Limited Edition Tom Brady watches were selling on eBay for $500 because it became apparent that the Buffalo Bills were going to crush any dreams the Buccaneers had of winning the Super Bowl. What is the amount of Deb's gross income, if any, from the receipt of the watch?

Reference no: EM132988358

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