The following pertains to Ana, a resident citizen taxpayer: Fruits harvested to be sold at a later date            30,000 Interest on bank deposits                                     1,000 Dividends declared by ABC Company                     3,000 Increase in the market value of lot                        10,000 Gambling winnings                                               9,000 Gain on sale of goods by branch office               5,000 Income on goods delivered by home office to branch office for sale by the latter                                                                                      4,000 Indemnity received for moral damages claimed                         50,000 Ana’s employer cancelled her (Ana) first debt upon her request  5,000 Ana’s employer offset Ana’s second debt against her salary              4,000 69. Compute the total gross income of Ana.

SWFT Individual Income Taxes
43rd Edition
ISBN:9780357391365
Author:YOUNG
Publisher:YOUNG
Chapter5: Gross Income: Exclusions
Section: Chapter Questions
Problem 36P
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The following pertains to Ana, a resident citizen taxpayer:

Fruits harvested to be sold at a later date            30,000

Interest on bank deposits                                     1,000

Dividends declared by ABC Company                     3,000
Increase in the market value of lot                        10,000
Gambling winnings                                               9,000

Gain on sale of goods by branch office               5,000
Income on goods delivered by home office to branch office for sale by the latter                                                                                      4,000

Indemnity received for moral damages claimed                         50,000

Ana’s employer cancelled her (Ana) first debt upon her request  5,000

Ana’s employer offset Ana’s second debt against her salary              4,000


69. Compute the total gross income of Ana.

A. 22,000

B. 23,000

C. 58,000

D. 103,000

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