Which of the following gifts or prizes would be considered taxable income to the person receiving the gift?
A) $5,000 given to the taxpayer by his friend
B) A mobile home given to the taxpayer by his mother
C) A ski boat won by the taxpayer on the Price is Right
D) A Mustang GT given to the taxpayer by his brother
E) None of the above would be considered taxable
Correct Answer:
Verified
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