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Grady is a member of a large family and received the following payments this year. For each payment, determine whether the payment constitutes realized income
Grady is a member of a large family and received the following payments this year. For each payment, determine whether the payment constitutes realized income and determine the amount of each payment Grady must include in his gross income. (Leave no answer blank. Enter zero if applicable.)
A gift of $54,000 of Ford Motor Bonds. Grady received the bonds on October 31, and he received $1,620 of semiannual interest from the bonds on December 31.
Gift for ford motor brands:
Is this payment realized income? | Yes or no? |
Amount to be included |
Interest from bonds:
Is this payment realized income? | Yes or no? |
Amount to be included. |
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