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Determine the taxpayers current year (1) economic income and (2) gross income for tax purposes for the following events: a. sue, a coach, was paid
Determine the taxpayers current year (1) economic income and (2) gross income for tax purposes for the following events: a. sue, a coach, was paid $950,000 to terminate her coaching contract b. Elliot, a six year old child, was paid $10,000 for appearing in a tv commercial c. Valery's land increased in value by $100,000, when he was successful in having the zoning changed from residential to commercial. d. Winn purchased a lottery ticket for $5 and won $900,00 e. Larry spent $600 to raise vegtables that he and his family consumed. The cost of the vegtables in a store would have been $2,400
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