Jimbo1337 said:
WOW! So yet again you are calling me a fanboy? You are so classy epicurean... I am trying to have an intellectual conversation and this is what I get in return? Why did I waste my time explaining that to you if you still chalk it up as fanboyism? I mean seriously... I am also sorry that this is so "overly complicated" for you to understand. Have a good day. |
Intellectual conversation ?????
Giving a non-cash gift or award to an employee
An employer can give an employee an unlimited number of non-cash gifts and awards in the course of a calendar year without incurring a taxable benefit, provided the cumulative value of those gifts and awards does not exceed $500.00. This applies to non-cash gifts given for a special occasion, such as a religious holiday, birthday, wedding, or the birth of a child; and non-cash awards given as recognition of an employee’s overall contribution to the workplace, and not as recognition of job performance. Where the cumulative value of gifts and awards received by an employee exceeds $500 in a calendar year, the excess amount will be treated as a taxable benefit.
The gift card would be concidered near cash and has a 70$ value. The $350 was spent on a Xbox One and 70$ gift card. Gift card value is $70, therefore the Xbox one value is $280.
Both of you drop this issue and get back to OP topic.