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Question 1: Georgia won the Massachusetts lottery, which means that she will receive $28,000 per year for the next 30 years. Georgia purchased the lucky ticket in March, and she was selected the winner in June. Georgia regularly spent $100 per month on lottery tickets, one-third for Massachusetts tickets and two-thirds for Vermont tickets, but is not considered to be in the gambling business.
a. What is Georgia's gross income from this prize?b. Is there any corresponding deduction?
Question 2: Ace High and Lady Luck live together and have pooled their funds for several months to purchase tool and other household necessities and to buy an occasional state lottery ticket. Ace used part of these pooled funds to buy a lottery ticket that won $3 million. When they discovered that the lottery proceeds could be paid only to one recipient under state law, Ace and Lady executed a "separate ownership agreement:' The agreement created an equal interest in the ticket for both Ace and Lady. Must Ace pay gift tax of the on the transfer of a one-half interest in the ticket to Lady? What is the value of the gift?
I will send you in the attachment was example and the question.. you must have to put the code section(s) (with highlighted material that is relevant to your case) administrative source(s) (like a regulation with highlighted material that is relevant to your case) and an answer that references both the code section and administrative ruling to justify your answer. Grammatical errors cause point deductions. Do not forget to label your case with a chapter number and case number. Chapter 4 homework, discussion
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