Question - Henry, age 45, is an employee of Argus Corporation. His fringe benefits for the current year included:
• $2,500 contributed by Argus to his qualified deferred compensation retirement plan. This year, the retirement plan earned $600 in interest and dividend income. Henry received no distributions from this plan
• A $100,000 face value group term life insurance policy for which Argus paid premiums of $650. Henry is a key employee and it is a discriminatory plan.
• The use of a company-owned automobile. The annual lease value of this car is $15,000. Henry used it 70% of the time (and miles) for personal use and 30% for business use.
• Free parking in the company parking lot (valued at $100 per month)
How much must Henry include in gross income?