Tighe Won a New Automobile from His Employer for Being

question 73

Multiple Choice

Tighe won a new automobile from his employer for being the top salesperson in the entire firm.The auto cost the employer only $34,000 because he purchased a fleet of cars from the dealer; it had a retail price of $37,000.In addition, Tighe's employer gave him $5,000 with which to pay the taxes on the prize.How much must Tighe include in his gross income?

• A)$42,000
• B)$37,000
• C)$35,000
• D)$32,000

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Definitions:

State Legislation

A body of laws and regulations enacted by the legislative branch of a state government.

Commerce Clause

A provision in the United States Constitution that gives Congress the power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.

Economic Matters

Issues or concerns related to the production, distribution, and consumption of goods and services.

Commercial Speech

Speech done on behalf of a company or individual for the intent of making a profit.