Gross income calculation, During the year, Katie received

Gross income calculation

Reference no: EM1359329

During the year, Katie received the following:

- Dividends of $4,000 from Lindsay corporation. Katie's father owned the stock and directed the corporation to send the dividends to Katie.

- A car worth $30,000 for being the 100th customer at a car dealership.

- $5,500 cash gift from her uncle.

- $10,000 inheritance from her grandmother.

What amount must Cathy include in gross income?

A. $30,000

B. $34,000

C. $39,500

D. $49,500

Reference no: EM1359329

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