assessable income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Hw 63.
A well-Known soccer player was paid a lump sum of $400,000 to encourage her
to join a sport TV talk show. He accepted the offer and received an annual salary
of $100k in addition to the lump sum payment. Which of the tollowing
statements 1s true:
The lump sum payment of $400,000 is assessable income.
11.
The lump sum payment and annual salary are assessable income.
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