Buford purchased a new automobile in March for $23,000. In April, he receives a $500 rebate check

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Buford purchased a new automobile in March for $23,000. In April, he receives a $500 rebate check from the manufacturer. The rebate was paid to all customers who purchased one of the manufacturer's automobiles in March. Should Buford include the $500 rebate in his gross income? Explain.

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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