Homework Chapter 5

Homework Chapter 5 - meaningful ceremony Cliff passed the 5...

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Homework Chapter 5 Problem 2a: The gift certificate fails the tangible personal property test of section 74(c), thus the income is not excludible even though the award appears to meet all of the other criteria. Problem 2b: As the watch is tangible personal property and was awarded at a
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Unformatted text preview: meaningful ceremony, Cliff passed the 5 year test, the award will be excludible as a length of service award. Problem 2c: Cliff fails the 5 year test, thus the value of the watch will be includible in gross income....
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