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! Required information Problem 12-47 (LO 12-3) (Algo) [The following information applies to the questions displayed below.) LaMont works for a company in downtown Chicago. The company encourages employees to use public transportation (to save the environment) by providing them with transit passes at a cost of $284 per month. Problem 12-47 Part a (Algo) a. If LaMont receives one pass (worth $284) 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