Which of the following would be includable in gross income? a. Alice appeared on a TV quiz
Question:
Which of the following would be includable in gross income?
a. Alice appeared on a TV quiz show and received a prize of $5,000.
b. Bart received $500 from his employer because he developed an idea that reduced the employer’s production costs.
c. Chuck borrowed $500 from his mother in order to finance his last year in college. Upon his graduation, Chuck’s mother told him he did not have to repay the $500. She intended the $500 to be a graduation present.
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a The amount is a taxable prize The payment is not ...View the full answer
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Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
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