Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. Assume the taxable year is 2022. Required: A $29,250 cash gift from her parents. A $670 cash award from the local Chamber of Commerce for her winning entry in a contest to name a new public park. $8,850 alimony from her former husband, which he paid under the terms of their 2011 divorce decree. $117,000 cash inheritance from her grandfather.
Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. Assume the taxable year is 2022. Required: A $29,250 cash gift from her parents. A $670 cash award from the local Chamber of Commerce for her winning entry in a contest to name a new public park. $8,850 alimony from her former husband, which he paid under the terms of their 2011 divorce decree. $117,000 cash inheritance from her grandfather.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Marcy Tucker received the following items this year. Determine to what extent each item is included in her AGI. Assume the taxable year is 2022.
Required:
- A $29,250 cash gift from her parents.
- A $670 cash award from the local Chamber of Commerce for her winning entry in a contest to name a new public park.
- $8,850 alimony from her former husband, which he paid under the terms of their 2011 divorce decree.
- $117,000 cash inheritance from her grandfather.
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