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Hal Gore won a $1 million prize for special contributions to environmental research. This prize...

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Accounting

Hal Gore won a $1 million prize for special contributions to environmental research. This prize is awarded for public achievement, and Hal directed the awarding organization to transfer $400,000 of the award to the Environmental Protection Agency. How much of the prize should Hal include in his gross income? A. $400,000 B. $600,000 C. $1 million D. None of these because all prizes are excludible E. None of these because prizes from charities are excludible

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