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Module 1 - percentage of income The gross income would...

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Chapter 1 41. (a) The U.S. Supreme Court (b) Court of Appeals (c) Tax Court of the United States (d) Tax Court of the United States (e) U.S. District Court (f) National Office of the IRS Research Problem 3 The 21 year old that caught the ball will not be subject to tax until he sells the ball. This he does intend to due. The proceeds would be considered income based on Section 61(a). However, because he intends to give 49% to his friend he will not be responsible for that
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Unformatted text preview: percentage of income. The gross income would transfer over to the friend by means of a gift and therefore, will be subject to gift tax Section 1015(a). http://blogs.wsj.com/law/2007/07/25/tax-law-final-exam-question-barry-bondss-ball/ http://lawreview.vermontlaw.edu/articles/11%20Appleby%20Article%20Book %201,%20Vol%2033.pdf...
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