tax 610 Fall 2014 midterm project - Sonya Averin Tax 610...

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South-Western Federal Taxation 2020: Comprehensive
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Chapter 3 / Exercise 5
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
Sonya AverinTax 610 Individual Tax PlanningMidterm Project Fall 2014 Professor Maria Pirrone Answers are highlight in BOLDThis project consists of fifteen (15) PROBLEMS. The deadline for submission is Sunday, October 19that 8 pm to complete the project. Partial credit will be given. Show all work. Kindlytype your responses and clearlyidentify the questions as well as underlining the answer.1)Which of the following items areinclusions in gross income? (5 points)Answer: b, c, f, g, h a)During the year, stock the taxpayer purchased as an investment doubled in value.This item is NOT includedin gross income because the taxpayer did not sell stocks. Therefore, increased stock value is unrealized and unrecognized.b)Amount an off-duty motorcycle police officer received for escorting a funeral procession.This item is includedin gross income because the amount off-duty received for personal servicec)While his mother was in the hospital, the taxpayer sold her jewelry and gave the money to his girlfriend.Included in gross income. d)Child support payments received.Chile support is NOT includedin gross income as per Pre-1984 Agreementse)A damage deposit the taxpayer recovered when he vacated the apartment he had rented.This item is NOT includedin gross income.f)Interest received by the taxpayer on an investment in bonds issued by IBM.Includedin Gross incomeg)Amounts received by the taxpayer, a baseball “Hall of Famer,” for autographing sports equipment (e.g., balls, gloves).Included in gross income.h)Jury duty fees received.Included in gross income
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
South-Western Federal Taxation 2020: Comprehensive
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 5
South-Western Federal Taxation 2020: Comprehensive
Maloney/Raabe/Young
Expert Verified
2)Which of the following items are exclusions from gross income? (5 points)
b)Damages award received by the taxpayer – all were for punitive damages.
c)A new golf cart won in a church raffle.
d)Amount collected on a loan previously made to a college friend.
e)Insurance proceeds paid to the taxpayer on the death of her uncle – she was the designated beneficiary under the policy.
f)Interest income of City of New York bonds.

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