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How do determine taxpayer gross income

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Problem 1: This year, taxpayer had the following items of economic income. Determine taxpayer's Gross Income.

Cash compensation from employment $85,000

Health insurance premiums paid by employer $7,200

Gambling winnings $4,500

Increase in value of stock portfolio (no shares sold) $6,000

Interest on bank deposits $300

Interest on municipal bonds $200

Inheritance $15,000

Fair value of free coffee provided by employer at work $125

Reference no: EM132918591

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