Diego is an attorney who supplied a list of potential clients to a new attorney, Malika. This list aided in the success of Malika$$s practice. Malika was very pleased and decided to do something for Diego. In the current year, Malika gives Diego a new car worth $$40,000.$ Malika was not obligated to give this gift to Diego, and she did not expect Diego to perform future services for the gift.

Step $3|$ Answer the question$($s$)$

Does Diego have to report any income from this transaction? If yes, how much?