Judd harrison owns 200 shares of stock in the widget

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Income Tax Fundamentals 2020
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Chapter 3 / Exercise 22
Income Tax Fundamentals 2020
Altus-Buller/Whittenburg
Expert Verified
27. Judd Harrison owns 200 shares of stock in the Widget Company for which he paid $1,600 in 1999. The board of directors of the company decided to pay a 10% stock dividend in April 2015, for which Judd received 20 shares of stock. Was this a taxable stock dividend? Explain.
32. For each independent situation, determine the amount, if any that is includible inthe gross income of the employee. a. The employee of a motel has the choice of free lodging on the premises (FMV $400per week) or extra cash compensation he is not required to live on the premises. He
b. An employee arranges to have his annual bonus, $1,000, paid directly to his son.
c. An employee earns a salary of $500 per week. Pursuant to a court order, $100 of h
33. R. E. Lee entered into a 10-year lease in 2009 with Mr. Grant. In addition to the $18,000 a year rent he paid in 2015, he prepaid two months of 2016 rent totaling $3,000. Also in 2015, Mr. Lee remodeled the kitchen at a cost of $4,500. How much rental income must Mr. Grant include in gross income in 2015?The rental income would be $21,000. $18,000 for 2015 plus the prepaid rent of $3,000.What is the tax status to Mr. Grant of the remodeling work completed by Mr. Lee?
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Income Tax Fundamentals 2020
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 22
Income Tax Fundamentals 2020
Altus-Buller/Whittenburg
Expert Verified
34. Arnold and Barbara Cane were divorced in June 2015. Pursuant to the divorce decree, Arnold is obliged to perform as follows:

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