Problem 5-65(LO 5-2)(Algo) For each of the following independent situations, indicate the amount the...
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Problem LO Algo For each of the following independent situations, indicate the amount the taxpayer must include in gross income: Note: Leave no answer blank. Enter zero if applicable. Required: Phil won $ in the scratchoff state lottery. There is no state income tax. Ted won a compact car worth $ in a TV game show. Ted plans to sell the car next year. Al Bore won the Nobel Peace Prize of $ this year. Rather than take the prize, Al designated that the entire award should go to Weatherhead Charity, a taxexempt organization. Jerry was awarded $ from his employer, Acme Toons, when he was selected most handsome employee for Valentine's Day this year. Ellen won a $ cash prize in a school essay contest. The school is a taxexempt entity, and Ellen plans to use the funds for her college education. Gene won $ in the office March Madness pool.
Problem LO Algo
For each of the following independent situations, indicate the amount the taxpayer must include in gross income:
Note: Leave no answer blank. Enter zero if applicable.
Required:
Phil won $ in the scratchoff state lottery. There is no state income tax.
Ted won a compact car worth $ in a TV game show. Ted plans to sell the car next year.
Al Bore won the Nobel Peace Prize of $ this year. Rather than take the prize, Al designated that the entire award should go to Weatherhead Charity, a taxexempt organization.
Jerry was awarded $ from his employer, Acme Toons, when he was selected most handsome employee for Valentine's Day this year.
Ellen won a $ cash prize in a school essay contest. The school is a taxexempt entity, and Ellen plans to use the funds for her college education.
Gene won $ in the office March Madness pool.
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