Determine Amoss gross income in each of the following cases: Amos was allowed to purchase a new
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Question:
Determine Amos’s gross income in each of the following cases:
Amos was allowed to purchase a new car for $25,000 from his dealer employer. The car would normally sell for $32,000. He is the only employee who is given this opportunity.
When his employment was terminated, Amos was given $10,000 for his promise not
to go to work for a competitor for 2 years.
Amos owned some land he held as an investment. As a result of a change in zoning,
the property increased in value by $20,000.
Related Book For
South Western Federal Taxation 2015 Essentials of Taxation Individuals and Business Entities
ISBN: 9781285438290
18th edition
Authors: James Smith, William Raabe, David Maloney, James Young
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