Not sure you’re using the proper analogy. If the money is returned it means it’s been rejected; not given as a gift. One cannot tax income that’s been rejected, as far as I know.
Take a corporation facing hard times. It presents a wage increase to an employee. That employee rejects the increase to help the business. Is he then taxable for that non-existent additional income?
If the funds have already been deposited, can you reject them and not have them count as income?
What if the check was cashed?
If you refuse a raise, you're just changing your future earnings. It's not income until you earn it, or technically, until you have "constructive receipt". That is, until you have it or could have had it in your possession. Once the bonus is granted (as these have been) it is taxable.
I’m thinking that you are correct, especially when the bonus is paid in the same year that it’s returned.
It’s as if it was a mistake. No tax.
You cash the check the money is yours. Giving it back was stupid. I guess you could pay the tax then gift it back?