sm03 - CHAPTER 3 GROSS INCOME CONCEPTS AND INCLUSIONS...

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CHAPTER 3 GROSS INCOME: CONCEPTS AND INCLUSIONS SOLUTIONS TO PROBLEM MATERIALS Status: Q/P Question/ Present in Prior Problem Topic Edition Edition 1 Definition of income in the Code Unchanged 1 2 Economic versus taxable income Unchanged 2 3 Issue recognition Unchanged 3 4 Realization rationale Unchanged 4 5 Recovery of capital Unchanged 5 6 Constructive receipt and agent Unchanged 6 7 Cash method New 8 Issue recognition Unchanged 8 9 Income from property Unchanged 9 10 Original issue discount New 11 Accrual basis and prepaid income Unchanged 11 12 Who is the taxpayer? New 13 Who is the taxpayer? Unchanged 13 14 Who is the taxpayer? Unchanged 14 15 Who is the taxpayer? Unchanged 15 16 Community property New 17 Transfer of property: divorce New 18 Issue recognition Unchanged 18 19 Alimony and child support Unchanged 19 20 Below-market loans Unchanged 20 21 Below-market loans New 22 Issue recognition Unchanged 22 23 Annuity Unchanged 23 24 Group-term life insurance Unchanged 24 25 Social Security benefits Unchanged 25 26 Economic versus taxable income Unchanged 26 * 27 Gross income Unchanged 27 3-1
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3-2 2002 Comprehensive Volume/Solutions Manual Status: Q/P Question/ Present in Prior Problem Topic Edition Edition * 28 Gross income: investments Unchanged 28 29 Gross income Unchanged 29 30 Gross income Unchanged 30 * 31 Accrual basis versus cash basis Unchanged 31 32 Accrual basis versus cash basis New 33 Accrual basis versus cash basis Unchanged 33 34 Accrual method and disputed income Unchanged 34 35 Constructive receipt Unchanged 35 * 36 Original issue discount and savings bonds New 37 Advance payments Unchanged 37 38 Constructive receipt Unchanged 38 39 Prepaid rent and deposits Unchanged 39 40 Who is the taxpayer? Modified 41 41 Constructive receipt and agent Unchanged 42 42 Partnerships Unchanged 43 * 43 Community property Modified 44 * 44 Community property Unchanged 45 45 Alimony, child support, and property transfer Unchanged 46 * 46 Alimony and alimony recapture Unchanged 47 47 Alimony and property settlement Unchanged 48 48 Below-market loans Unchanged 49 * 49 Below-market loans Unchanged 50 50 Below-market loans New 51 Below-market loans Unchanged 52 * 52 Annuity Modified 53 53 Prizes and awards Unchanged 54 * 54 Group term life insurance Unchanged 55 * 55 Unemployment compensation Unchanged 56 * 56 Social Security benefits Modified 57 * 57 Social Security benefits Modified 58 58 Miscellaneous Unchanged 59 * 59 Cumulative Modified 60 * 60 Cumulative Unchanged 61 *The solution to this problem is available on a transparency master.
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Gross Income: Concepts and Inclusions 3-3 CHECK FIGURES 26.a. Economic gain $1,000; gross income $4,000. 26.b. Economic income $15,000; gross income $15,000. 26.c.
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sm03 - CHAPTER 3 GROSS INCOME CONCEPTS AND INCLUSIONS...

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