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Rex, age 45, is an officer of Blue Company, which provides him with the following nondiscriminatory fringe benefits in 2011:

Hospitalization insurance premiums for Rex and his dependents. The cost of the coverage for Rex is $2,700 per year, and the additional cost for his dependants is $3,600 per year. The plan has a $2,000 deductible, but his employer contributed $1,500 to Rex' s HAS. Rex withdrew only $800 from the HAS, and the account earned $50 interest during the year.

Determine the amount Rex must include in gross income.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9406682

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