Bob is an online distributor of cosmetic products, and has contracts with a number of perfume manufacturers
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Question:
Bob is an online distributor of cosmetic products, and has contracts with a number of perfume manufacturers to distribute their products. Bob also distributes perfumes and other products made by company ABC. In the year 2021-22, ABC has a 50% rise in its turnover due to Bob's excellent distribution strategies. ABC rewards Bob heavily and also provides him a free family holiday trip to visit Hawaii. The value of the free trip amounts to $25,000. Advise Bob of the income tax consequences on the free nontransferrable benefit he receives from the ABC. Support your answer with relevant legislation and case law
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