South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)
42nd Edition
ISBN: 9781337702546
Author: James C. Young, William H. Hoffman, William A. Raabe, David M. Maloney, Annette Nellen
Publisher: Cengage Learning
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Chapter 6, Problem 3CPA

David is a CPA and enjoys playing the lottery. This year David won $10,000 in lottery scratch-off tickets. He spent $200 purchasing the tickets. Which statement is true regarding David’s winnings?

  1. a. David must include $9,800 in gross income.
  2. b. David must include the $10,000 in gross income and can deduct $200 as an itemized deduction not subject to the 2%-of-AGI limitation.
  3. c. David must include $10,000 in gross income and can deduct $200 as an adjustment to AGI.
  4. d. David’s winnings are not taxable.
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South-Western Federal Taxation 2019: Individual Income Taxes (Intuit ProConnect Tax Online 2017 & RIA Checkpoint 1 term (6 months) Printed Access Card)

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