Classify the following items as ordinary income, a gain, or an exclusion: a. The salary received by
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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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Related Book For
Concepts In Federal Taxation
ISBN: 9780324379556
19th Edition
Authors: Kevin E. Murphy, Mark Higgins, Tonya K. Flesher
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