Chad won a car valued at $25,000 from a game show.Because he immediately donated the car to the Red Cross,Chad can exclude $25,000 from gross income.

Name: Chad won a car valued at $25,000 from a game show.Because he immediately donated the car to the Red Cross,Chad can exclude $25,000 from gross income.
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Question

Quizplus · Accepted Answer

The value of the car won in a game show is considered taxable income, and donating it does not exclude it from gross income.

Chad Won a Car Valued at $25,000 from a Game