In 2019, Joan accepted and received a $10,000 prize for her artwork she entered into...
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Accounting
In 2019, Joan accepted and received a $10,000 prize for her artwork she entered into a contest. Joan deposits the $10,000 in her checking account, and then 5 days later gifts the $10,000 to her son, Brian. No future services are expected of Joan as a condition of receiving the award. What amount should Joan include in her 2019 gross income in connection with this award?
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