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Claim of right doctrine

Return of Capital Principal

Constructive Receipt Doctrine

Assignment of Income Doctrine

Based on what we have learned in Chapter 5, use the dropdown options to complete the following four statements. Statement 01: You sold a dining set in your apartment before graduation for $150. You purchased the set during Black Friday sale two years ago for $100. Based on the [ Select] , you only have to include $50 in gross income this year. Statement 02: You worked at a local restaurant during the week of Christmas to earn some extra money. On December 25, 2020 - your last day of work, your manager told you that your paycheck ($500) was ready for pick up anytime that day. Somehow you were really busy that day and forgot about the paycheck. You didn't get a chance to go back and pick up the paycheck until January 3, 2021. Based on the [Select] , you will include the $500 in gross income for 2020 tax year. Statement 03: Tim's mom owns a bond that pays interest on a monthly basis. Instead of giving Tim allowance each month, Tim's mom deposits the monthly interest directly into Tim's checking account. Based on the [Select] , Tim's mom will recognize the interest income as gross income on the tax return for this year. Statement 04: Henry borrowed $20,000 from Bank of America this year to buy a new car. Based on the [. [ Select ] Henry does not have to recognize this $20,000 as gross income on his tax return for this year

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