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explain why any amounts are excluded from gross income c. On May I, Ernie...

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Accounting

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explain why any amounts are excluded from gross income

c. On May I, Ernie receives 1,000 shares ol r Company stock as a graduation present from his uncle. The shares have a fair market value of S$ per share on May 1. Emiere additional 100 shares on July 25 as a result of a 10% stock dividend that Glimmer had de land on July 1. On December 1, Glimmer declares and distributes a S.50 per share cash dividend May 1. Emie receives an Garry works as a reservations clerk for Mideastern Airlines. Big Apple Hotels owns Mideastern Airlines. Big Apple allows all employees to fly on Mideastern Airlines and to stay in Big Apple Hotels free, on a space available basis. Garry takes advantage of Big Apples generosity and took a trip to Reno to visit the casinos. The cost of the airfare would have been $480 and the lodging would have cost $600 if he had not been an employee of Mideastem Airlines. d

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