David is a CPA and enjoys playing the lottery. This year David won $10,000 in...
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David is a CPA and enjoys playing the lottery. This year David won $ in lottery scratchoff tickets. He spent $ purchasing the tickets. Which statement is true regarding David's winnings? a David must include $ in gross income. b David must include the $ in gross income and can deduct $ as an itemized deduction. c David must include $ in gross income and can deduct $ as an adjustment to AGI. d David's winnings are not taxable.
David is a CPA and enjoys playing the lottery. This year David won $ in lottery scratchoff tickets. He spent $ purchasing the tickets. Which statement is true regarding David's winnings?
a David must include $ in gross income.
b David must include the $ in gross income and can deduct $ as an itemized deduction.
c David must include $ in gross income and can deduct $ as an adjustment to AGI.
d David's winnings are not taxable.
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