Don is an attorney who supplied a list of potential clients to a new attorney, Lori. This
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Don is an attorney who supplied a list of potential clients to a new attorney, Lori. This list aided in the success of Lori’s practice. Lori was very pleased and decided to do something for Don. In the current year, Lori gives Don a new car worth $40,000. Lori was not obligated to give this gift to Don, and she did not expect Don to perform future services for the gift. How much income, if any, should Don report from this transaction? Explain your answer.
Income $ ____________________ Explain____________________________________________________________________
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Related Book For
Income Tax Fundamentals 2011
ISBN: 9780538469197
29th Edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller
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