For each of the following scenarios, determine the amount included in the taxpayers gross income for 2019 Office Supplies, Inc , an accrual basis taxpayer, leases a copying machine to a new customer on December 23, 2019 The machine was to rent for $250 per month for a period of 24 months beginning January 1, 2020 The customer was required to prepay 2 months rent at the time the lease was signed on December 23,2019 The customer was also required to pay a $1,500 damage deposit at the time the lease was signed Determine the amount of gross income Office Supplies, Inc recognizes in 2019 Kathy, an accrual basis taxpayer, operates a gym She sells memberships that entitle the member to use the facilities at any time A one year membership costs $360 ($360 12 $30 per month) a two year membership costs $648 ($648 24 $27 per month) Cash payment is required at the beginning of the membership On July 1, 2017 , Kathy sold a one year membership and a two year membership Determine the amount of income Kathy recognizes in 2019 Ted won a car worth $27,000 on The Price is Right on November 30, 2019 He plans to sell the car next year How much income does Ted recognize in 2019 On March 13, 2019, Jason, a cash basis taxpayer, was one of 3 winners of a $1 2 billion Powerball jackpot (Lucky ) Jason had the option to receive a one time cash payment of $307 5 million or 30 annual payments of $13 3 million Jason elected to receive 30 annual payments and received the first payment of $13 3 million on July 1, 2019 How much gross income does Jason have in 2019 as a result of the Powerball winnings On July 1, 2019, Stephanies grandmother gave her 1,000 shares of Starbucks stock worth $75,000 as a graduation present Starbucks declared a dividend of 17 cents per share on October 19, 2019, to be paid on November 30, 2019 to shareholders of record as of November 15, 2019 Stephanie still owned all of the stock on December 31, 2019 How much gross income does Stephanie have as a result of the gift and the dividend in 2019

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For each of the following scenarios, determine the amount included in the taxpayers gross income for 2019:

Office Supplies, Inc., an accrual basis taxpayer, leases a copying machine to a new customer on December 23, 2019. The machine was to rent for $250 per month for a period of 24 months beginning January 1, 2020. The customer was required to prepay 2 months rent at the time the lease was signed on December 23,2019. The customer was also required to pay a $1,500 damage deposit at the time the lease was signed. Determine the amount of gross income Office Supplies, Inc. recognizes in 2019.

Kathy, an accrual basis taxpayer, operates a gym. She sells memberships that entitle the member to use the facilities at any time. A one-year membership costs $360 ($360/12 = $30 per month); a two-year membership costs $648 ($648/24 = $27 per month). Cash payment is required at the beginning of the membership. On July 1, 2017, Kathy sold a one-year membership and a two-year membership. Determine the amount of income Kathy recognizes in 2019.

Ted won a car worth $27,000 on The Price is Right on November 30, 2019. He plans to sell the car next year. How much income does Ted recognize in 2019?

On March 13, 2019, Jason, a cash basis taxpayer, was one of 3 winners of a $1.2 billion Powerball jackpot (Lucky!). Jason had the option to receive a one-time cash payment of $307.5 million or 30 annual payments of $13.3 million. Jason elected to receive 30 annual payments and received the first payment of $13.3 million on July 1, 2019. How much gross income does Jason have in 2019 as a result of the Powerball winnings?

On July 1, 2019, Stephanies grandmother gave her 1,000 shares of Starbucks stock worth $75,000 as a graduation present. Starbucks declared a dividend of 17 cents per share on October 19, 2019, to be paid on November 30, 2019 to shareholders of record as of November 15, 2019. Stephanie still owned all of the stock on December 31, 2019. How much gross income does Stephanie have as a result of the gift and the dividend in 2019?