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Hal gore won a 215 million prize for special contributions

Problem

Hal Gore won a $2.15 million prize for special contributions to environmental research. This prize is awarded for public achievement, and Hal directed the awarding organization to transfer $435,000 of the award to the Environmental Protection Agency. How much of the prize should Hal include in his gross income?

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Accounting Basics: Hal gore won a 215 million prize for special contributions

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Accounting Basics: Hal gore won a 215 million prize for special contributions

Reference No:- TGS02575358

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