If the value of a noncash fringe benefit is not specifically excluded from gross income by statutory law, it must be included in the recipient's gross income.

Question

Quizplus · Accepted Answer

This is known as the general rule of taxation of fringe benefits, which states that unless a noncash fringe benefit is specifically excluded from gross income by statutory law, it must be included in the recipient's gross income.

If the Value of a Noncash Fringe Benefit Is Not