Indicate the amount taxpayer must include in gross income

Reference no: EM13905851

For each of the following independent situations, indicate the amount the tax- payer must include in gross income and explain your answer:

a) Phil won $500 in the scratch-off state lottery. There is no state income tax.

b) Ted won a compact car worth $17,000 in a TV game show. Ted plans to sell the car next year.

c) Al Bore won the Nobel Peace Prize of $500,000 this year. Rather than take the prize, Al designated that the entire award should go to Weatherhead Charity, a tax-exempt organization.

d) Jerry was awarded $2,500 from his employer, Acme Toons, when he was selected most handsome employee for Valentine's Day this year.

e) Ellen won a $1,000 cash prize in a school essay contest. The school is a tax-exempt entity, and Ellen plans to use the funds to pay her college education.

f ) Gene won $400 in the office March Madness pool.

Reference no: EM13905851

Questions Cloud

What amount of the social security benefits to george : What amount of the Social Security benefits must George and Weezy include in their gross income under the following independent situations?

Identify the aims of hindu life : Identify the aims of Hindu life

What is the velocity of the vector at 2 seconds : Velocity and acceleration: consider a velocity vector given in standard unit vector form in rectangular Cartesian coordinates as: v→(t) = (3t4i^ + 7t5/2j^ + 5e2tk^)m/s -What is the acceleration at 2 seconds?

What amount of the benefits must grady include in his income : Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations?

Indicate the amount taxpayer must include in gross income : For each of the following independent situations, indicate the amount the tax- payer must include in gross income and explain your answer.

What changes occur in extracellular and intracellular fluid : The patient was admitted to the hospital on a hot day (100oF) for severe dehydration. What changes occur in extracellular and intracellular fluid compartments during dehydration, and what specific processes are involved at each step?

Explain what you understand about scientific variables : In a 500 word essay, please explain what you understand about scientific variables. What is the nature of scientific variables? Please provide three examples of scientific variables

Sung company is able to produce two products : Sung Company is able to produce two products, R and T, with the same machine in its factory.

The use of succinylcholine : Care must be taken in the use of succinylcholine because some individuals have an adverse reaction. In most cases, the patient recovers from the succinylcholine paralysis after a short time. In cases with sensitive patients, the individual recovers a..

User Account

All Pages