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Complete the problems in Chapter 6:
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Complete the problems in Chapter 7:
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Click the Assignment Files tab to submit your assignment as a
Microsoft® Word document.
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Excludable Gifts. Which of the following would be includable in gross
income?
·
a.Alice appeared on a TV quiz show and received a prize of
$5,000.
·
b.Bart received $500 from his employer because he developed an
idea that reduced the employer’s production costs.
·
c.Chuck borrowed $500 from his mother in order to finance his
last year in college. Upon his graduation, Chuck’s mother told him he
did not have to repay the $500. She intended the $500 to be a
graduation present.
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