Required information Problem 12-49 (LO 12-3) The following information applies to the questions displayed below. LaMont works for a company in downtown Chicago. The firm encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $296 per month Problem 12-49 Part a a. If LaMont receives one pass (worth $296) each month, how much of this benefit must he include in his gross income each year? Transit pass benefit to be included in gross income