15. LO.1 For each of the following, determine the amount that should be included in gross income:

a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of $60,000. Peyton did not need the automobile, so he asked that the title be put in his parents’ names.

b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for $1,400,000, Jacob said, “I do not need the money. Give it to the United Nations to use toward the goal of world peace.”

c. Linda appeared on a television game show during the year, winning $6,000 of cash and $4,000 of furniture and appliances.