Chapter5_1of4 - Chapter 5 Gross Income 1 What is income? s...

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1 Chapter 5 Chapter 5 Gross Income Gross Income
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2 What is income? What is income? What if I die and you receive $1,000,000 of life insurance proceeds What if I give you $100,000? What about the income from the gift? What if you win the lottery? What about frequent flier awards? What if I die and you inherit $100,000 from me? What if I buy coffee at drive-thru, set it between my legs, spill it, sue and jury awards me a gazillion? What if you find $1 million buried in backyard? Employer says you’re a woman so you get 10% less than the going rate: you win sex discrimination suit National Enquirer say that you are married to an alien, you sue and are awarded $1 million You are a Tyco executive and take unlawfully gazillions from your company, including money spent on a $6,000 shower ring and $20 million birthday party for your wife Prepare my tax return and I give you a case of Jack Daniels You owe me $1,000 and I settle the debt for $900 Cash in a life insurance policy Stock dividends What if I die and you receive $1,000,000 of life insurance proceeds What if I give you $100,000? What about the income from the gift? What if you win the lottery? What about frequent flier awards? What if I die and you inherit $100,000 from me? What if I buy coffee at drive-thru, set it between my legs, spill it, sue and jury awards me a gazillion? What if you find $1 million buried in backyard? Employer says you’re a woman so you get 10% less than the going rate: you win sex discrimination suit National Enquirer say that you are married to an alien, you sue and are awarded $1 million You are a Tyco executive and take unlawfully gazillions from your company, including money spent on a $6,000 shower ring and $20 million birthday party for your wife Prepare my tax return and I give you a case of Jack Daniels You owe me $1,000 and I settle the debt for $900 Cash in a life insurance policy Stock dividends
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3 Georgia Man Wins 26 Million Lottery Jackpot Using Same Number Twice November 11, 2003. It was 60-year old Stephen Cooke’s lucky day, and then some. In an amazing stroke of luck, the Roswell, Georgia resident held 2 of the 3 winning tickets for the multi-state Mega Millions lottery game. Cooke walked out of lottery headquarters with 26.6 million dollars. Cooke didn't even realize when he walked into lottery headquarters to claim one winning ticket that he had another winning ticket in his possession. It was actually a mistake on his part that he ended up with two winning tickets. Cooke used a combination of his late mother's birthday, with his own birthday, and entered that combination on two separate playslips, when he only meant to enter it once. For 99.9% of us, that would mean we just wasted an extra dollar by playing the same losing numbers twice.
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This note was uploaded on 03/23/2010 for the course ACCT 402 taught by Professor Toleno during the Spring '10 term at Providence College.

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Chapter5_1of4 - Chapter 5 Gross Income 1 What is income? s...

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