Wanted cost account answer Lebron received $50,000 of compensation from his employer and hereceived $400 of interest from a municipal bond. What is the amount ofLebron's gross income from these items?a. $0b. $50,400c. $50,000d. $400

Steps 1: Identify all sources of income received.Step 2: Determine whether each type of income is…

Answered: Lebron received $50,000 of compensation…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter2: Gross Income And Exclusions

Section: Chapter Questions

Problem 30MCQ

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Lebron received $50,000 of compensation from his employer and he received $400 of interest from a municipal bond. What is the amount of Lebron's gross income from these items? a. $0 b. $50,400 c. $50,000 d. $400