tax accounting 2

Project Description:

problem 1: indicate whether each of the items listed below would be included (i) in or excluded (e) from gross income for the 2013 tax year.
a. welfare payments
b. commissions
c. hobby income
d. scholarships for room and board
e. $300 set of golf clubs, an employee award for length of service
f. severance pay
g. ordinary dividend of $50
h. accident insurance proceeds
i. inheritances
j. gifts
k. tips and gratuities
problem 2: john installed a new roof on his friend’s house in return for a used truck work $8,000. how much income must john report on his tax return for his services?
problem 3: larry is a tax accountant and sheila is a hairdresser. larry prepares sheila’s tax return for free and sheila agrees to style larry’s hair six times for free in return for the tax return. the value of the tax return is approximately $300 and the hair styling work is approximately $300.
a. how much of the $300 is includable income to larry? why?
b. how much of the $300 is includable income to sheila? why?
problem 11: how much of each of the following prizes or awards is taxable?
a. cheline received a $50,000 gift bag at the oscars in 2013.
b. jon received a gold watch worth $350 for 25 years of service to his accounting firm.
c. kerry won $1,000,000 in her state lottery.
d. deborah is a professor who received $50,000 as an award for her scientific research from the university that employs her.
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