Sing-Yi receives a $ 100 debit card every month from her employer, the Porter Group. The debit card is limited so that it can be used only to purchase fare cards and passes on the Metro Transit line that operates trains and subways in town. Sing-Yi throws away the card when it expires at the end of the month, and she is not required to provide any records to Porter about how the card was used. The card logo says “American Airlines Visa,” and Sing-Yi picks her own password for the card. Does the card represent $ 100 monthly gross income to Sing-Yi? Explain.
Answer to relevant QuestionsHardCo spent $ 4 million this year on a new graphic design for its product, a yo-yo. Under the prior design, HardCo’s name and logo only appeared on the box and wrapping paper, which were discarded by most customers once ...Jim Jones owns 50 percent of the stock of an S corporation. In 2014, Jim obtains a health insurance plan providing coverage for himself, his wife, and their two children. Jim makes all premium payments to the plan during ...As a result of financial difficulties, Acme Company, located in Raleigh, North Carolina, closed all its retail stores and terminated all its employees. The company adopted a plan to compensate terminated employees based on ...Why does tax planning analysis focus on the marginal tax rate? How might a tax adviser ignoring the present-value approach to tax planning arrive at an improper conclusion? Illustrate.
Post your question