Sharon had some insider information about a corporate takeover. She unintentionally informed a friend, who immediately bought the stock in the target

corporation. The takeover occurred and the friend made a substantial profit from buying and selling the stock. The friend told Sharon about his stock

dealings and gave her a pearl necklace because she "made it all possible." The necklace was worth $$10,000,$ but she already owned more jewelry than she

desired.

a$.$ The value of the necklace is not included in Sharon's gross income unless she sells it$.$

b$.$ The value of the necklace is not included in Sharon's gross income because passing the information was an illegal act and the SEC can confiscate

the necklace.

c$.$ The value of the necklace must be included in Sharon's gross income for the tax year she received it$.$

d$.$ The necklace is a nontaxable gift received by Sharon because the friend was not legally required to make the gift.