Classify the following items as ordinary income, a gain, or an exclusion: a. The salary received by

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Classify the following items as ordinary income, a gain, or an exclusion:
a. The salary received by an employee
b. Dividends of $400 received on 100 shares of corporate stock
c. Sale for $10,000 of an antique chair that cost $3,500
d. Rental income from an apartment building
e. Receipt of an automobile worth $20,000 as an inheritance from Aunt Ruby’s estate

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Concepts In Federal Taxation

ISBN: 9780324379556

19th Edition

Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher

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