5-31 Constructive Receipt. For each of the following situations, indicate whether the tax- payer has constructively received the income. a. R received a bonus as top salesperson of the year. He received the check for $20,000 at 10 p.m. on December 31 at a New Year's Eve party. All the banks were closed. On January 3, D received the check for January's rent of her duplex. The envelope was postmarked December 31. On December 25, C Corporation rewarded its top executive, E, with 100 shares of stock for a job well done. E was unable to find a buyer until March 15 of the following year. Immediately after receiving her check on December 31, Z went to her employer's bank to cash it. The bank would not cash it since the employer's account was overdrawn. b. c. d. 5-32 Constructive Receipt. For each of the following situations, indicate whether the tax- payer has constructively received the income. a. X Corporation declared a dividend on December 15 and mailed dividend checks on December 28. R received her check for $200 on January 4 Fowns a small apartment complex. His son, S, lives in one of the units and man- ages the complex. Several tenants left their January rent checks with S during the last week of December. S delivered the checks to his father in January This year, the cash surrender value of L's life insurance policy increased by $500. In order to obtain the value. L must cancel the policy b. c