What impact on Jamie Lees income would the gift of $1,000 from her great aunt have on
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Question:
What impact on Jamie Lees income would the gift of $1,000 from her great aunt have on her adjusted gross income? Would there be an impact on the adjusted gross income with her $2,000 raffle prize winnings? Explain your answer.
Expert Answer:
In the United States gifts and prizes are generally not considered taxable income for the recipient ... View the full answer
Related Book For 
Focus On Personal Finance
ISBN: 9780077861742
5th Edition
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Posted Date:
