Marcy Tucker received the following items this year. Determine to what extent each item is included in
Question:
Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI.
a. A $25,000 cash gift from her parents.
b. A $500 cash award from the local Chamber of Commerce for her winning entry in a contest to name a new public park.
c. $8,000 alimony from her former husband, which he paid under the terms of their 2011 divorce decree.
d. $100,000 cash inheritance from her grandfather.
Assume the taxable year is 2018.
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Related Book For
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
Question Posted:
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