17

Amount to be included in gross income

For each of the following independent situations, indicate the amount the taxpayer must include in gross income: (Leave no answer blank. Enter zero if applicable.) Problem 5-55 Part-e (Static) e. Ellen won a $1,000 cash prize in a school essay contest. The school is a tax-exempt entity, and Ellen plans to use the funds for her college education. Amount to be included in gross income