This year Joseph joined the board of directors for a company. Besides his director's fees, Joseph received the following employee benefits:
The stock bonus consisted of 5,000 shares of Bell stock given to Joseph as compensation. At the time of the transfer the stock was listed at $4 per share. What amounts, if any, should Joseph include in gross income this year?
Definitions:
Midway Island
A small, strategically significant atoll in the North Pacific Ocean, notable for its role in a pivotal World War II battle between the United States and Japan.
Allies
Countries or entities that join forces or cooperate for a common purpose, often referring to the allied countries against the Axis Powers during World War II.
Norman Rockwell
An iconic 20th-century American painter and illustrator known for his depictions of everyday life in the United States, capturing the spirit and culture of the nation.
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