For each of the following independent cases, indicate the amount of gross income that must be included

Question:

For each of the following independent cases, indicate the amount of gross income that must be included on the taxpayer’s 2018 income tax return. 

a. Malchia won a $4,000 humanitarian award. $ _______

b. Rob won a new automobile (with a sticker price of $15,700 and a market value of $14,500) for being the best junior tennis player in 2018. $ ________

c. George received a $3,500 tuition and fees scholarship to attend Western University. $ ________


Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

Question Posted: