Ethan competed in the annual Austin Marathon this year and won a $25,000 prize for fastest wheelchair entrant. Ethan indicated that he would transfer the prize to the local hospital. How much of the prize should Ethan include in his gross income?

Question

Quizplus · Accepted Answer

To be excludible, the prize must be associated with scientific, literary, or charitable achievement or received by a Team USA athlete from the U.S. Olympic Committee on account of their competition in the Olympic or Paralympic games.

Ethan Competed in the Annual Austin Marathon This Year and Won