(LO 1) Mason performs services for Iz. Employee or Independent Contractor?
Performs services only for Iz and does not work for anyone else. Employee.
Reports his job-related expenses on a Schedule C. Independent contractor.
Chapter 5 Questions
(LO 2) Fred said in will his nephew John should serve as executor of Freds estate. John received
$10,000 for serving as executor. Can John exclude the $10,000 from his GI? The $10,000 that John
received is compensation for services
TAX FORMULA AND TAX DETERMINATION;
AN OVERVIEW OF PROPERTY TRANSACTIONS
SOLUTIONS TO PROBLEM MATERIALS
(LO 1) Inclusions in gross income include items b., c., f., g., h., and i. Item e. is a nontaxable return of capital.