Cole, a 48-year-old married individual, received the following in 20X14: In addition, Cole spent $500 on lottery
Question:
Cole, a 48-year-old married individual, received the following in 20X14:
In addition, Cole spent $500 on lottery scratch-off cards in 20X14. All of the cards were losers except for one, from which Cole won $1,000. Given these facts, what total amount from the above should be included in gross income on Cole’s 20X14 tax return?
a. $ 4,550
b. $ 6,550
c. $11,050
d. $11,550
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
South Western Federal Taxation 2016 Individual Income Taxes
ISBN: 9781305393301
39th Edition
Authors: James H. Boyd, William H. Jr. Hoffman, David M. Maloney, William A. Raabe, James C. Young
Question Posted: