Individual Income Taxes
43rd Edition
ISBN: 9780357109731
Author: Hoffman
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Textbook Question
Chapter 4, Problem 53P
For each of the following, determine the amount that should be included in gross income:
- a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of $60,000. Peyton did not need the automobile, so he asked that the title be put in his parents’ names.
- b. Jacob was awarded the Nobel Peace Prize. When he was presented the check for $1,400,000, Jacob said, “I do not need the money. Give it to the United Nations to use toward the goal of world peace.”
- c. Linda won the Craig County Fair beauty pageant. She received a $10,000 scholarship that paid her $6,000 for tuition and $4,000 for meals and housing for the academic year.
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Chapter 4 Solutions
Individual Income Taxes
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