Question: Please help and explain for 11-13 As a resuit ol receiving the above ng include in his 2017 gross income? 11. In June of 2017
As a resuit ol receiving the above ng include in his 2017 gross income? 11. In June of 2017 a wealthy aunt gave Janie a stock portfolio worth $150,000. During the year, she collects $4,000 in dividends. How much of these amounts, if any, should Janie include in gross income for 2017? Why? 12. Bob is a machinist in a remote Alaskan crab-freezing plant. The plant is accessible only by boat or airplane and has no available lodging for rent. Bob's employer provides him with lodging at the plant and pays for all of his electricity, gas, and other utilities, valued at $700 per month. Is the value of the lodging taxable to Bob? Explain 13. Elmore receives a rental property as an inheritance from his grandmother. The rental is worth $500,000 and Elmore collected rental income of $24,000 during the year. For the year, what is Elmore's taxable income from the inheritance? 14. Bonnie receives salary income of $40,000, unemployment compensation of $5,400, and dividend income of $1,000 and a gift of $7,000 in cash from her aunt. How much total income does Bonnie have? 15. In June of 2017, Rob's wealthy stepmother died and left him a stock portfolio worth $600,000. Before she died, she gave him a gift of $20,000 in cash. How much of these amounts, if any, are taxable to Rob? Why
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
