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Class, please read the above posts. The economic benefit doctrine helps elaborate the main principle that gross income is defined under the broad language of Code § 61(a) of the Internal Revenue Code as all income from whatever source derived. For example, compensation may be paid to taxpayers in many different ways, such as in cash, bonus, in-kind compensation, profit sharing, or other methods of payment. The economic benefit doctrine says that no matter what the form, whether cash, receivables, property, land, or another form, as long as there is economic benefit, it must be included in income. An important concept to remember is that the form in which income is received does not matter. Income may be received as property or as services. It may be received indirectly, such as when an employer pays an employee's tax or other expense. Also, the cancellation of a debt or the receipt of an interest-free loan may constitute income. When income is received in a form other than money, the measure of the income is fair market value. What if a doctor performed plastic surgery on a lawyer in exchange for the lawyer handling his divorce? Does either have income?
iguchi company sells a single product. iguchi estimates demand and costs at various activity levels as followshow much
assuming a constant mix of 3 units of small for every 1 unit of large. small large total sales 20 30 vc 14 18 total
rci inc. is a decentralized organization with four autonomous divisions. the divisions are evaluated on the basis of
He had no other debt secured by the residence. May he deduct the whole amount of interest which was paid on the home loan?
craig company asks you to review its december 31 2014 inventory values and prepare the necessary adjustments to the
each ounce of the vanilla yields 4 bars of best and 3 units of great. the vanilla costs 21 per ounce. a batch of 15
using the tables above if an investment is made now for 20000 that will generate a cash inflow of 7000 a year for the
whats going on in that lab? asked derek warren chief administrator for cottonwood hospital as he studied the prior
keiper inc. is considering a new three-year expansion project that requires an initial fixed asset investment of 2.55
alexander enterprises leases property to hamilton inc. because hamilton inc. is experiencing financial difficulty
reducing costs by using existing or standard components is part of .specialized components on each project putting each
kilgore auto parts reported the following information at december 21 2004. preferred stock 12 1 par 50000 shares
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