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d. On January 13, 2017, Jason, a cash basis taxpayer, was one of 3 winners of a $1.6 billion Powerball jackpot. Jason had the option
d. On January 13, 2017, Jason, a cash basis taxpayer, was one of 3 winners of a $1.6 billion Powerball jackpot. Jason had the option to receive a one-time cash payment of $327.8 million or 30 annual payments of $17.8 million. Jason elected to receive 30 annual payments and received the first payment of $17.8 million on July 1, 2017. How much gross income does Jason have in 2017 as a result of the Powerball winnings? Effect on Jason's 2017 Gross Income
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