In January 2020, Mary won a car in a raffle at her daughters school. The FMVof the car was $35,000. Mary drove the car for 9 months, and then, in OctoberModule 5 Problem Set2 Mary's friend should include the $32,000 value of the car in gross income in 2020Mary should include the $35,000 value of the car in gross income in 2020Mary does not have any income because she won the car, she didnt earn the car. The car was a gift to Mary, so Mary can exclude the value of the car from her grossincomeNone of the above2020, when the car was worth $32,000, Mary gave the car to her friend. Maryis in the 24% marginal tax bracket. Which of the following is most accurate?

a) Mary's friend should include the $32,000 value of the car in gross income in 2020

b) Mary should include the $35,000 value of the car in gross income in 2020

c) Mary does not have any income because she won the car, she didnt earn the car

d) The car was a gift to Mary, so Mary can exclude the value of the car from her gross income

e) None of the above