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5. The following are a list of sources of income. List the additional realizable income and recognized gross income (if any) in the two columns.
5. The following are a list of sources of income. List the additional realizable income and recognized gross income (if any) in the two columns. The tax year for all taxpayers ends on December 31. Situation description Realizable Recognizable income in 2019 | income in 2019 The payroll department at work tells Stephen that his $12,500 bonus for services in 2018 is available for pick-up on December 15, 2018. Stephen goes picks it up on January 2, 2019. Kevin and Stacy are married and file jointly. They purchased a house in 2014 for $325,000, and it has been their primary residence since. At the end of 2019, the house is estimated to be worth $619,000. | They did not sell the house during the year. Take the same setting with Kevin and Stacy above, except say that they sell the house on November 2, 2019 for the $619,000. Eric accepted a job offer from Deloitte in Chicago, which required him to move from his current home in Fairfax, VA to Chicago on June 30, 2019. His moving costs of $2,000 were fully reimbursed by Deloitte by August 15, 2019
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