# In january of the current year dora made a gift of

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Chapter 2 / Exercise 15
Income Tax Fundamentals 2020
Altus-Buller/Whittenburg
Expert Verified
96)In January of the current year, Dora made a gift of stock to her granddaughter. At thetime of the gift, the stock was worth \$15,000. Several months later in the same year afterthe gift, a \$500 dividend was declared on the stock and paid to Dora's granddaughter.What amount must Dora's granddaughter include in her gross income for the currentyear?96)A)\$2,000B)\$15,500C)\$15,000D)\$2,500E)None of the choices are correct
97)Irene's husband passed away this year. After his death, Irene received \$250,000 ofproceeds from life insurance on her husband, and she inherited her husband's stockportfolio worth \$750,000. What amount must Irene include in her gross income?97)
98)Helen is a U.S. citizen and CPA, who moved to London, England three years ago towork for a British company. This year, she spent the entire year in London and earned asalary of \$110,000. How much of her salary will she be allowed to exclude from grossincome in the U.S.?98)
99)Hank is a U.S. citizen and is doing a three to six-year assignment as a sales executive inParis for a French company, which began this year. Hank earned \$109,500 working forthe French company this year but only lived in France for 180 days (out of 365 days). Hewill live full-time in France next year. What amount of Hank's \$109,500 salary this yearwill he be allowed to exclude from gross income in the U.S. (rounded to the nearestone-hundred dollars)?99)
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Chapter 2 / Exercise 15
Income Tax Fundamentals 2020
Altus-Buller/Whittenburg
Expert Verified
100)NeNe is an accountant and U.S. citizen, who has accepted a permanent position inMadrid, Spain for a Spanish financial services company. This year, NeNe spent theentire year working in Madrid. NeNe's employer paid \$40,000 of her Madrid housingexpenses this year. What amount of the \$40,000 housing payments may NeNe exclude?100)A)14,546B)NeNe can exclude all of the housing payment because she worked more than 330days overseas.C)23,376D)16,624E)None of her salary can be excluded from gross income.
101)Pam recently was sickened by eating spoiled peanut butter. She successfully sued themanufacturer for her medical bills (\$3,700), her emotional distress (\$6,000 – she nowfears peanut butter), and punitive damages (\$44,000). What amount must Pam include inher gross income?101)