On February 2019, Melinda applies and nominates herself for the prestigious North American Literary Prize. In June 2019, she win
s the prize for her academic and literary works. The award comes with a $1,000,000 cash prize that Melinda then donates to the City of Denver. Melinda is not required to take any action after receiving the cash prize. Is Melinda required to include the cash award in Gross Income?
Melinda is required to include the cash prize in the Gross Income.
Explanation:
Gross Income is the total payment in cash, goods and services that a person received before tax reductions, that is, it is the general value of everything that a person received in a given period of time, including wages, premiums, real estate, among other things . In this case, we can confirm that the cash prize received by Melinda must be included in her Gross Income, in addition, if she has received a prize with an economic value, she must also include this prize in the Gross Income, even if she has donated .
Answer: Abused and scorned though we may be, our List examples of God-given and constitutional rights African Americans were waiting for? (Brain / Notes) -The right to be equal -The right to vote -The right to be free to make choices about how to conduct their own lives as long as they do not interfere with the liberty of god given rights
