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1.TAXATION 1 AND 2

Problem 5-55 (LO 5-2)

For each of the following independent situations, indicate the amount the c must include in gross income:
a. Phil won $790 in the scratch-off state lottery. There is no state income tax.

 

Amount to be included $
b. Ted won a compact car worth $18,700 in a TV game show. Ted plans to sell the car next year.
Amount to be included $
c. Al Bore won the Nobel Peace Prize of $585,000 this year. Rather than take the prize, Al designated that the entire award should go to Weatherhead Charity, a tax-exempt organization.
Amount to be included $
d. Jerry was awarded $5,500 from his employer, Acme Toons, when he was selected most handsome employee for Valentine’s Day this year.
Amount to be included $
e. Ellen won a $1,950 cash prize in a school essay contest. The school is a c and Ellen plans to use the funds to pay her college education.

 

Amount to be included $
f. Gene won $760 in the office March Madness pool.
Amount to be included $

Explanation:

a.

All $790 is economic income realized this year and is, therefore, included in gross income.

b.

The value of the car, $18,700, is economic income realized this year and is, therefore, included in gross income.


c.

The entire award is excluded and therefore tax exempt. The award is excluded because it was for scientific, literary, or charitable achievement, and the taxpayer immediately transferred the award to a qualified charity.

d.

All $5,500 is economic income realized this year and is, therefore, included in gross income.

e.

All $1,950 is economic income realized this year and is, therefore, included in gross income.

f.

Gene should include $760 in his gross income.

2.

Problem 5-72 (LO 5-3)

Dontae’s employer has offered him the following employment package.
Salary $ 450,000
Health insurance 15,500
Dental insurance 1,050
Membership to Heflin Country Club 17,000
Season tickets to Atlanta Braves games 5,100
Tuition c for graduate courses 4,150
Housing allowance (for a McMansion in his
neighborhood of choice)
37,000

What is Dontae’s gross income from his employment?

 

Gross income $

3.

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