Question
Gordon was laid off from his job during the current year and collected $5,000 in unemployment compensation. His other income for the year consisted of
Gordon was laid off from his job during the current year and collected $5,000 in unemployment compensation. His other income for the year consisted of the following:
Wages $40,000
Taxable interest 4,000
Dividends 10,000
Net capital gains 20,000
What is the amount of unemployment compensation that Gordon must include in gross income?
A. $0
B. $2,500
C. $5,000
D. $10,000
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
