Tickets From Overbooked Flights: Ethically Reportable Taxable Income or Free Gifts

Tickets From Overbooked Flights: Ethically Reportable Taxable Income or Free Gifts

Reed McKnight, Leigh W. Cellucci, Carl E. Keller Jr. Business Case Journal
January 01, 2013
SKU: BUS-00551

Topic: Finance & Accounting
Page length: 1
Keywords: Tax avoidance, tax evasion, free gifts, taxable income, ticket vouchers
Price: Free
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Harrison and Joan were working on their income tax return and suddenly Harrison remembered free” ticket vouchers that he and Joan had received as compensation for giving up their airline seats on one of their trips. He had not been notified that the airline had reported these to the IRS, and he wondered if they were taxable income. Did they have to include them in their tax return?

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