1. Don has $120,000 of group-term life insurance paid for by his employer. Based on the IRS uniform premium cost table, the total annual cost of a policy of this type is $9.00 per $1,000 of coverage. How much must be included in Dons income relating to this fringe benefit?

2. During 2015, Anne received tangible personal property as a safety achievement award from her employer. The award was not a qualified plan award. The property had a fair market value of $700. How much must Anne include in her 2015 gross income?

3. In return for $1,500, the bank cancels the taxpayer's debt of $4,000. The cancellation is not a gift and the taxpayer is neither insolvent nor bankrupt. How much must be included in income relating to this event?