1) Jill is a local accountant. She made $70,000 in salary last year. Is this amount taxable?...
Question:
1) Jill is a local accountant. She made $70,000 in salary last year. Is this amount taxable?
2) Let’s say that Jill is a bank robber instead. Jill robbed a local bank last Tuesday. During the heist, she scored $10,000,000 in cash, which is a clear violation of the law. Is this income taxable?
3) Mateo is an 8-month-old infant who plays a baby on a TV show. He gets paid $1,000 per show. He has 20 shows during the year. Is this income taxable to little Mateo?
Do you think a taxpayer should be subject to U.S. taxation for catching a home-run ball under the rules that we have learned so far? Also, do you think taxpayers who catch a home run ball should be subject to tax even if they do not return the ball, why or why not?
Do you feel that celebrity "swag bags" received as a part of events like the Oscars should be taxed as compensation or excluded as gifts?
Expert Answer:
1 Yes this amount is taxable Jill entered into a business relationship by providing tax preparation ... View the full answer
