Garth is a single cash basis activities/transactions in 2021. In 2020, Garth had adjusted gross ince itemized deductions of $12,700, and paid $23,012 in federal income tax. Indicate the amount of each independent statement below that is included in Garth's recognized income (i.e. gross income) for tax year 2021. • Sold primary family home for $700,000. The home was purchased in 1980 for $450,000. Include • Received state income tax refund of $625 for overpayment of 2020 state income tax. Include rod on his tree-cutting job.
Garth is a single cash basis activities/transactions in 2021. In 2020, Garth had adjusted gross ince itemized deductions of $12,700, and paid $23,012 in federal income tax. Indicate the amount of each independent statement below that is included in Garth's recognized income (i.e. gross income) for tax year 2021. • Sold primary family home for $700,000. The home was purchased in 1980 for $450,000. Include • Received state income tax refund of $625 for overpayment of 2020 state income tax. Include rod on his tree-cutting job.
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 18DQ
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