AC425HomeworkCh4 - AC425 Chapter 4 Homework 21. Leah Sarah...

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AC425Chapter 4 Homework21. Leah Sarah is employed at Cleveland Inc. at an annual salary of $45,000. Leahreceived $35,000 in salary in 2015 from Cleveland Inc., a prosperous company. Theycredited the unpaid salary to Leah Sarah’s account. Leah only had to stop by thepayroll office to receive her money. In January 2016, Leah Sarah requested andreceived the remaining $10,000 of her salary. How much income must Leah Sarahreport on her 2015 income tax return?
23. Fred Miller, a teacher, had several additional sources of income during 2015. Hereceived a $500 gift as a result of his helping a friend build a house, and he wasassigned $300 of interest due his uncle on bonds his uncle owns. He also had the useof a van (fair market value $1,000) for the year fromhis parents who were traveling.Further, he received free $600 of gasoline for the van because he tutored the son ofthe station owner free of charge. What of the additional income must be included inhis income tax return?
24. Helen Troy, a student seeking a Master’s degree in accounting, was awarded a50% scholarship to graduate school (valued at $3,000) and a $6,000 per yearteaching assistantship (not required of Master’s level students). She also, because ofher great beauty, won first prize in the Miss International Beauty Pageant. The prizeincluded $14,000 in cash, a $25,000 car, a $10,000 scholarship, and travel expensesof $2,000 cash relating to the pageant. What must she include as gross income?
25. Billy Dent, as the owner of an apartment building, receives and makes thefollowing payments during 2015:Received in January 2015 rent that was due in December 2014$5,000Received in December 2015 rent not due until January 20164,000Security depositto be refunded when tenant vacates the apartment500How much rental income must Billy Dent include on his 2015 income tax return?
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Taxation in the United States
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Income Tax Fundamentals 2020
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Chapter 3 / Exercise 22
Income Tax Fundamentals 2020
Altus-Buller/Whittenburg
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