Each of the numbered items below is accorded only one of the following lettered treatments. Use the existing law as it applies to the current year, match the best answer to the statements below.
-Kenneth receives a new Ford Explorer worth $28,900 that his parents bought him for his 24th birthday.
A) Fully excluded from gross income.
B) Fully included in gross income.
C) Partially excluded from gross income.
Correct Answer:
Verified
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