James is employed by a large corporation with 400 employees. the corporation provides its employees with a no-cost gym membership in their building. the value of the membership is $60/month . the gym is used exclusively by the employees and their families. how much, if any, must james include in his yearly gross income related to this fringe benefit?

$0.

$60.

$600.

$720.

$0

Explanation:

James should not include any amount related to this fringe benefit in his yearly gross income. Since the employer provides the benefit in their own premises, and the gym is of exclusive use of employees and their families, employees are exempt of including their gym fees in their yearly gross income. If this was a public gym, then the full amount of the yearly membership would have to be included.

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