Gross Income examples

Gross Income examples - Gross Income Examples 1....

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Gross Income Examples 1. Transaction Income Gross income Jen works as an accountant for Big Firm and receives salary of $55,000 and health insurance worth $15,000. Joe receives a $30,000 loan that he uses to start a shoe shine business. Bill, a doctor, provides landscaping services for his neighbor, an artist. The neighbor gives Bill a piece of sculpture for his lawn. Both the landscaping and the sculpture are valued at $10,000. Bill Neighbor Bill Neighbor Anne, a plumber, provides her sister, Jen, with $7,000 worth of plumbing services. Jen completes Anne’s tax returns (service valued at $1,000) Anne Jen Anne Jen Heather receives $15,000 from the sale of an antique table. She paid $1,000 for the table in 1999. 2. JENERAL CORP has the following pattern of revenues: 10/08 – 12/08 70,000 1/09 – 3/09 90,000 4/09 – 6/09 75,000 7/09 – 9/09 80,000 10/09 – 12/09 85,000 1/10– 3/10 95,000 What is 2009 gross income with a calendar year? What is 2009 gross income with a fiscal year of 4/09 – 3/10?
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3. Sophie is a lawyer for Corporate Law LLP in downtown DC. On 12/31/09, she receives an official communication from the firm informing her that she has been awarded a $25,000 bonus. When should Sophie report the bonus in each of the following scenarios?
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This note was uploaded on 10/13/2010 for the course ACCT 351 taught by Professor Staff during the Fall '08 term at George Mason.

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Gross Income examples - Gross Income Examples 1....

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