Which of the following would be includable in gross income? a. Alice appeared on a TV quiz
Question:
Which of the following would be includable in gross income?
a. Alice appeared on a TV quiz show and received a prize of $5,000.
b. Bart received $500 from his employer because he developed an idea that reduced the employer’s production costs.
c. Chuck borrowed $500 from his mother in order to finance his last year in college. Upon his graduation, Chuck’s mother told him he did not have to repay the $500. She intended the $500 to be a graduation present.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
a The amount is a taxable prize The payment is not ...View the full answer
Answered By
Muhammad Salman Alvi
Well, I am a student of Electrical Engineeing from Information Technology University of Punjab. Just getting into my final year. I have always been good at doing Mathematics, Physics, hardware and technical subjects. Teaching profession requires a alot of responsibilities and challenges.
My teaching experience started as an home tutor a year ago. When I started teaching mathematics and physic subjects to an O Level student. He was about 14 years old. His name was Ibrahim and I used to teach him for about 2 hours daily. Teaching him required a lot of patience but I had to be polite with him. I used to give him a 5 min break after 1 hour session. He was quite weak in basic maths and calculation. He used to do quite a lot of mistakes in his homework which I gave him weekly. So I decided to teach him basics from scratch. He used to say that he got the concept even if he didn't. So I had to ask him again and again. I worked on his basics for a month and after that I started taking a weekly test sesions. After few months he started to improve gradually. Now after teaching him for about a year I can proudly say that he has improved alot. The most important thing was he managed to communicate all the difficullties he was facing. He was quite capable and patient. I had a sincere desire to help him reach to its full potential. So I managed to do that. We had a very good honest relationship of a student and a teacher. I loved teaching him as a tutor. Now having an experience of one year teaching I can read students quite well. I look forward to work as an online tutor who could help students in solving their all sort of difficulties, problems and queries.
4.90+
29+ Reviews
43+ Question Solved
Related Book For
Federal Taxation 2018 Comprehensive
ISBN: 9780134532387
31st Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Question Posted:
Students also viewed these Business questions
-
Which of the following would be includable in gross income? a. Alice appeared on a TV quiz show and received a prize of $5,000. b. Bart received $500 from his employer because he developed an idea...
-
Multiple Choice Questions 1. Someone painting the outside of a building you own crashed through a window, injuring a visiting executive. Which of the following questions would your lawyer not need to...
-
Multiple Choice Questions: 1. Which of the following is part of the economic way of thinking? a. When an option becomes less costly, individuals will become more likely to choose it. b. Costs are...
-
Do economists have any particular expertise at making normative arguments? In other words, they have expertise at making positive statements (i.e., what will happen) about some economic policy, for...
-
Write the structural formula of a compound of molecular formula C4H8Cl2 in which (a) All the carbons belong to methylene groups (b) None of the carbons belong to methylene groups
-
Match the product with the proper parent company and country in the tablebelow: Product Arrow Shirts Braun Household Appliances b. Bidermann Intemational 2. Great Britain Lotus Autos Firestone Tires...
-
Four sewer pipes of \(0.5-\mathrm{m}\) diameter join to form one pipe of diameter \(D\). If the Manning coefficient, \(n\), and the slope are the same for all of the pipes, and if each pipe flows...
-
Ahab's Coffee has 150 customers. Fifty of them are small and 100 are big, with appetites for coffee matching their size. Small people value coffee at $0.10 per ounce for the first 8 ounces and...
-
If an investor invests in a bond that has $1,000 par and pays 7% coupons semi-annually, which matures in 3 years. Assume yield stays at 3% compound semiannually and all received coupon payments will...
-
Jack and Jill were badly burned in an accident at the well and both were taken to the burn unit of the local hospital. The burns covered only a small area of skin so grafts were prepared for both...
-
In which of the following situations would the taxpayer realize taxable income? a. A mechanic performs work on his own automobile. The mechanic would have charged a customer $400 for doing the same...
-
Don is the beneficiary of a $50,000 insurance policy on the life of his mother, Anna. To date, Anna has paid premiums of $16,000. What amount of gross income must be reported in each of the following...
-
What are the four different exposure areas that must be examined while detecting financial statement fraud?
-
A 43 kg crate is being pushed on a horizontal floor at constant velocity. Given that the coefficient of kinetic friction between crate and floor is uk = 0.19, what is the push force F in Newtons? Do...
-
Options: 1. N egative, P ositive or Z ero 2. A n equal number of, F ewer, or M ore Now consider the long run in which scooter manufacturers are free to enter and exit the market. Show the possible...
-
How does performance management contribute to fostering a culture of continuous improvement and learning within an organization ?
-
Square Hammer Corporation shows the following information on its 2018 income statement: Sales = $210,000; Costs $99,000; Other expenses = $5,700; Depreciation expense $8,900; Interest expense =...
-
How does Performance Management align with talent development and succession planning initiatives within an organization?
-
Why is integration used to find the work done by a variable force?
-
2.) Find the Laplace transform of f(t) 7e-St cos 2t +9 sinh2 2t. Use Laplace Table. %3D
-
What restrictions apply to partnerships selecting a tax year?
-
Joe sells land with a $60,000 adjusted basis for $42,000. He incurs selling expenses of $2,000. The land is subject to a $10,000 mortgage. The buyer, who assumes the mortgage, pays $8,000 down and...
-
On January 30, 2015, Amy sells land to Bob for a stated price of $200,000. The full $200,000 is payable on January 30, 2017. No interest is stated. Amy, a cash-method taxpayer, purchased the land in...
-
given l o g x 5 = l o g 5 x solve for x
-
Solve the formula 8 x 3 y = - 1 9 for y .
-
Q6 Find the total amount for of the current balance for each underwriter and find out top 10 richest underwriter Q7 Create a pivot table for the entire data and find out the total current balance for...
Study smarter with the SolutionInn App