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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.

a. Jaron's employment contract as chief executive of a large corporation was terminated, and he was paid $500,000 not to work for a competitor of the corporation for five years.

b. Elliot, a 6-year-old child, was paid $5,000 for appearing in a television commercial. His parents put the funds in a savings account for the child's education.

Reference no: EM133155386

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