Marcy Tucker received the following items this year. Determine to what extent each item is included in

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Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI.

a. A $25,000 cash gift from her parents.

b. A $500 cash award from the local Chamber of Commerce for her winning entry in a contest to name a new public park.

c. $8,000 alimony from her former husband, which he paid under the terms of their 2011 divorce decree.

d. $100,000 cash inheritance from her grandfather.

Assume the taxable year is 2018.

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Principles Of Taxation For Business And Investment Planning 2019 Edition

ISBN: 9781260161472

22nd Edition

Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan

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