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TP is the President of X Corporation which a cruise line. All employees of X are allowed to go on the cruise ship for no
TP is the President of X Corporation which a cruise line. All employees of X are allowed to go on the cruise ship for no cost whenever there are vacancies. The mother of TP frequently goes on cruises of her son's ship as the cruise is never fully booked. She is not asked to pay any fees. While there, she gets her meals free but has to pay for all other expenses including entertainment. In total, if she were to have paid for the cruises she enjoyed, she would have had to pay a total of $10,000 for the year: $8,000 for the cruises themselves, and $2,000 for the food. How much income is mother required to recognize
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