Indicate the amount taxpayer must include in gross income

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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

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