Dan loves game shows, He has been a guest on many game shows including Ellen. On the last game show, The Price Is Right, he was invited to participate. As a result, he won a new car valued at $48,000. He questions whether this prize is taxable or is it a non-taxable gift. He is concerned about the value of the car and the associated tax that he may have to pay. Dan emailed you, his tax accountant. He wants you to tell him if he is required to report the car as income, and if he is required to report it as income, how much would be reported?

Please answer this question fully & correctly and I will give you a 5 star review.