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Determine the taxpayer current-year economic income

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Question - Determine the taxpayer's current-year (1) economic income and (2) gross income for tax purposes from the following events:

-Winn purchased a lottery ticket for $5 and won $750,000.

-Larry spent $1,000 to raise vegetables that he and his family consumed. The cost of the vegetables in a store would have been $2,400.

-Dawn purchased an automobile for $1,500 that was worth $3,500. The seller was in desperate need of cash.

Reference no: EM132944500

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