Question 1

In all community property states,the income from property that was inherited by a spouse after the marriage is treated as all earned by the spouse who inherited the property.

Accepted Answer

A) True 
 B)False

Question 2

Melissa is a compulsive coupon clipper.She often brags about the time she purchased a cart full of groceries for $5.00,when the cost without coupons would have been $50.Discuss whether Melissa realizes gross income from her coupon clipping.

Accepted Answer

Under the all-inclusive concept of gross...

Question 3

Paula transfers stock to her former spouse,Fred.The transfer is pursuant to a divorce agreement.Paula's cost of the stock was $75,000 and its fair market value on the date of the transfer is $95,000.Fred later sells the stock for $100,000.Fred's recognized gain from the sale of the stock is $5,000.

Accepted Answer

A) True 
 B)False

Question 4

The tax concept and economic concept of income are in agreement on which of the following:

Accepted Answer

A)  The fair rental value of an owner-occupied home should be included in income.
B)  The increase in value of assets held for the entire year should be included in income for the year.
C)  Rent income for 2016 collected in 2015 is income for 2015.
D)  All of these.
E)  None of these.F) A) and D)
G) A) and E)

Exam 4: Gross Income: Concepts and Inclusions

The tax concept and economic concept of income are in agreement on which of the following:

Correct Answer
verified

In all community property states,the income from property that was inherited by a spouse after the marriage is treated as all earned by the spouse who inherited the property.

Correct Answer
verified

Melissa is a compulsive coupon clipper.She often brags about the time she purchased a cart full of groceries for $5.00,when the cost without coupons would have been $50.Discuss whether Melissa realizes gross income from her coupon clipping.

Correct Answer
verified
Under the all-inclusive concept of gross...
View Answer

Paula transfers stock to her former spouse,Fred.The transfer is pursuant to a divorce agreement.Paula's cost of the stock was $75,000 and its fair market value on the date of the transfer is $95,000.Fred later sells the stock for $100,000.Fred's recognized gain from the sale of the stock is $5,000.

Correct Answer
verified

Exam 4: Gross Income: Concepts and Inclusions

The tax concept and economic concept of income are in agreement on which of the following:

Correct AnswerverifiedShow Answer

In all community property states,the income from property that was inherited by a spouse after the marriage is treated as all earned by the spouse who inherited the property.

Correct AnswerverifiedShow Answer

Melissa is a compulsive coupon clipper.She often brags about the time she purchased a cart full of groceries for $5.00,when the cost without coupons would have been $50.Discuss whether Melissa realizes gross income from her coupon clipping.

Correct AnswerverifiedUnder the all-inclusive concept of gross...View AnswerShow Answer

Paula transfers stock to her former spouse,Fred.The transfer is pursuant to a divorce agreement.Paula's cost of the stock was $75,000 and its fair market value on the date of the transfer is $95,000.Fred later sells the stock for $100,000.Fred's recognized gain from the sale of the stock is $5,000.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Under the all-inclusive concept of gross...
View Answer

Correct Answer
verified