4. In 2023, Ms. Dalvi receives several gifts from her employer: - As is the case for all of her employer's senior staff, she receives a $400 gift certificate on her birthday that can be used for merchandise at a local clothing store. The gift certificate cannot be converted to cash. - In recognition of 10 years of continuous service, she receives a smart watch with a retail value of $1,200. This is the first time she has received an anniversary gift. - At Christmas all employees of her employer receive a gift basket containing gourmet food items. The retail value of this basket is $300. 5. Ms. Dalvi received stock options to purchase 1,200 shares of her employer's stock at a price of $37 per share in February 2021. At the time the options were granted, the FMV of the shares was $40 each. In July 2023 , when the shares are trading at $45 per share, Ms. Dalvi exercises all of the options. She continues to own the shares as of December 31, 2023. 6. The professional dues relate to maintaining her professional status, which is a condition of her employment. Required: A. Determine Ms. Dalvi's 2023 minimum net income. B. Determine Ms. Dalvi's 2023 minimum taxable income. C. Determine Ms. Dalvi's 2023 federal income tax payable or refund 
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