Reference no: EM132715800
Question - What amount, if any, must be included in gross income by the following individuals? Explain your answers.
1. Ann received $2,500 from her insurance company when her car which cost $3,500 was stolen.
2. Barry received $3,500 from his brother. Barry had initiated a lawsuit against his brother in an effort to recover $3,500 he had previously loaned to him. The brother paid Barry back before the case was tried, and Barry dropped the lawsuit.
3. Cheryl, an accountant, sued a client in order to collect her fee for doing tax work. Would Cheryl's accounting method make any difference?
4. Darryl has incurred $7,000 of medical expenses so far this year. He paid $500 of the expenses himself. His insurance company paid $4,500 of the expenses. The hospital is suing Darryl and the insurance company for the balance, $2,000.
5. Frank appeared on a TV quiz show and received a prize of $6,000.
6. George received $600 from his employer because he developed an idea that reduced the employer's production costs.
7. Helen borrowed $700 from her mother to finance her last year in college. Upon graduation, her mother told her she did not have to repay the $700 as she intended the amount to be a graduation present.
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