Lucky Manalo received the following income:Interest on peso savings account30,00040,00055,0008,000Dividend incomeLotto winningsCash prize won in a local contestDetermine the total final tax.10,00021,00022,600None of the above

Taxable income is the portion of gross income that is used to determine the overall tax liability…

Answered: Lucky Manalo received the following…

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 33P

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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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Last year, lana purchased a $100,000 account receivable for $90,000. During the current year, Lucy collected $97,000 on the account. What are the tax consequences to Lucy associated with the collection of the account receivable? No subsequent collections are expected. a.$7,000 gain b.$3,000 loss c.$13,000 loss d.$2,000 gain
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Lucky Manalo received the following income: Interest on peso savings account Dividend income Lotto winnings Cash prize won in a local contest Determine the total final tax. 10,000 21,000 22,600 O None of the above 30,000 40,000 55,000 8,000