Determine amos seagull gross income

Reference no: EM13258622

Determine Amos Seagull's gross income in each of the following cases:

a. In the current year, Seagull Corporation purchased an automobile for $25,000. The company was to receive a $1,500 rebate from the manufacturer. However, the corporation directed that therebate be paid to Amos, the corporation's soleshareholder.

b. Amos sold his corporation. In addition to the selling price of the stock, he received $50,000 for a covenant not to compete- an agreement that he will not compete with his former business for five years.

c. Amos and his neighbor got into an argument over Amos's dog. The neighbor built a fence to keep the dog out of his yard. The fence added $1,500 to the value of Amos's property.

Reference no: EM13258622

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