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Question

Hal Gore won a $2.2 million prize for special contributions to environmental research. This prize is awarded for public achievement, and Hal directed the awarding organization to transfer $582,500 of the award to the Environmental Protection Agency. How much of the prize should Hal include in his gross income?

  • None of the choices are correct because all prizes are excludible.
  • $1,617,500.
  • $2,200,000.
  • None of the choices are correct because prizes from charities are excludible.
  • $582,500.

 

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