Question
Please provide enough information for me to assess that you have done research on the question. Please use 2020 tax regulations for your responses 1.After
Please provide enough information for me to assess that you have done research on the question. Please use 2020 tax regulations for your responses
1.After turning age 65, Robert retired from his long-time job, and his employer presented him with a gold watch at a retirement dinner. The watch cost the employer $200. While $200 might not seem de minimis within the meaning of 132(e), the 1984 legislative history accompanying the enactment of 132 gave as an example of an excludable de minimis fringe the gold watch presented to an employee at his retirement, so Robert excludes the $200 value from his Gross Income. How much can Robert's employer deduct under 162?
2.Bea owns a life insurance policy on which she paid premiums for many years. Upon her death at age 89, her daughter Beulah collects $500,000. How much must Beulah include in Gross Income? See 101.
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