Hours of community service

Reference no: EM13972865

Kerry is employed as a ticket vendor at an off-track betting parlor in New York. No credit is extended to customers, and employees are not allowed to bet on races. Kerry is a compulsive gambler and occasionally places bets without paying for them. In the past, she has always managed to cover her bets without being detected by her employer. Earlier this year, Kerry ran up $80,000 in bets that she did not pay for and won only $33,000. She was unable to cover this large loss and turned herself in to her employer. Kerry was convicted of grand larceny and sentenced to five years of probation, required to perform 200 hours of community service, and pay a $500 fine. Her employer was liable to the racetrack for the bets she had made and obtained a judgment against her for the $47,000 shortfall it had to pay because of her indiscre- tions. How much, if any, gross income must Kerry recognize from her illegal betting?

Reference no: EM13972865

Questions Cloud

Determine the tax value of forms of relief : Throughout the textbook, it has been stated that tax relief can come in several forms. Assuming that the taxpayer in question is in a 28% marginal tax rate bracket and the time value of money is 6%, determine the tax value of the following forms o..

Securities paying negligible dividends : If he sells the lots, Peter will invest the proceeds in his portfolio of stocks. He invests in growth securities paying negligible dividends that provide their return through appreciation. Peter expects his security portfolio to increase an averag..

Hours of community service : Earlier this year, Kerry ran up $80,000 in bets that she did not pay for and won only $33,000. She was unable to cover this large loss and turned herself in to her employer.

What is the critical path for the project : Analyze your project in terms of project completion, critical path, and slack / float. Specifically, be sure to answer the following: When will the project be completed and What is the critical path for the project?

What is the tension in the cable : A uniform beam of length x = 1.0m and mass 10kg is attached to a wall by a cable at angle θ = 30o to the horizontal, as shown in the figure. What is the tension in the cable

Life insurance policies in the current year : Yung sold policies that had a cost of $50,000 and first-year premi- ums of $18,000 (which were remitted to Heart Life). He also received $11,000 in override commissions from policies sold in previous years. How much income must Yung report from th..

Recognize income from the sar : Jasmine exercises the SARs on December 31, 2010. When does she recognize income from the SARs, and what is the character of the income recognized?

Indicate the effect of a debit or a credit on the account : For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance.

User Account

All Pages