For each of the following independent cases, indicate the amount of gross income that must be included

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For each of the following independent cases, indicate the amount of gross income that must be included on the taxpayer’s 2020 income tax return.

a. Malchia won a $4,000 humanitarian award. b. Rob won a new automobile (with a sticker price of $15,700 and

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Income Tax Fundamentals 2021

ISBN: 9780357141366

39th Edition

Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill

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Question Posted: Sep 24, 2023 05:14 AM

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For each of the following independent cases, indicate the amount of gross income that must be included

Question:

a. Malchia won a $4,000 humanitarian award. b. Rob won a new automobile (with a sticker price of $15,700 and a market value of $14,500) for being the best junior tennis player in 2020. c. George received a $3,500 tuition and fees scholarship to attend Western University. $.

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Income Tax Fundamentals 2021

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