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explain why the taxpayer in each pf the following situations either does or.does not hace taxable income and determine the amount, if any that the
explain why the taxpayer in each pf the following situations either does or.does not hace taxable income and determine the amount, if any that the taxpayer would have to recognize.
Explain why the taxpayer in each of the following situations either does or does not have taxable income and determine the amount, if any, that the taxpayer would have to recognize. a. Rafael works as a salesman of Dependable Cars Inc. Because Rafael is the year's top salesman, Dependable Cars allows Rafael to purchase a car for $30,000, which normally sells for $35,000 (Dependable Car's cost was $28,000 ). b. Janine's brother Barry is laid off from his job for the first half of the year. Because Barry is having trouble paying all of his bills, Janine tells Barry that she will help him out and pay the property taxes on Barry's house. The property taxes amount to $1,000. c. Thomas works as a production manager for Healthy Body, Inc. Because Thomas's unit had not had a work-related accident for 2 years, Healthy Body gives Thomas a weight machine that was worth $500. d. Emmett was out for his daily walk when he spots an old shirt on the side of the road. Upon inspection, he determines it to be an old baseball uniform, which is in good condition. So he takes it home and washes it. At a party 2 months later, Mark, a baseball memorabilia collector, tells him that it might be worth something. Emmett takes the shirt down to the local collector's shop where he learns that the shirt was once wom by Willie Mays and is worth at least $7,000. e. Helen invests $10,000 for a 25% interest in Loekport Landscaping, an S corporation, on January I, 2020. During 2020, Lockport pays Helea $45,000 ia wages for her services as the general manager and \$2,000 in cash dividends on her stock. Lockport reports a 2020 net income of $80,000. f. Amber wins $10,000 in the state lottery from a ticket given to her by ber cousin, BeverlyStep by Step Solution
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