Kevin owes his gardener $100. After several unsuccessful attempts to collect the debt, the gardener notifies Kevin
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Kevin owes his gardener $100. After several unsuccessful attempts to collect the debt, the gardener notifies Kevin that the debt is forgiven and that he will continue as gardener only if he is paid cash in advance. How much of the $100 forgiveness should Kevin report as gross income?
a. $100
b. $50
c. $20
d. $0
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Related Book For
Taxation For Decision Makers 2019
ISBN: 9781119497288
9th Edition
Authors: Shirley Dennis Escoffier, Karen A. Fortin
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