Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value...
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Accounting
Bart is the favorite nephew of his aunt Thelma. Thelma transferred several items of value to Bart. For each of the following transactions, determine the effect on Barts gross income.
a. Thelma gave Bart an auto worth $22,000. Thelma purchased the auto three years ago for $17,000. What is the amount to be included?
b. Bart is the beneficiary of a $100,000 whole life insurance policy on the life of Thelma. Thelma died this year, and Bart received $100,000 in cash. What is the amount to be included?
c. Bart inherited 500 shares of stock from Thelmas estate. Thelma purchased the shares many years ago for $1,200, and the shares are worth $45,000 at her death. What is the amount to be included?
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