In which of the following situations would the taxpayer not be considered in constructive receipt of income in 2020? Assume that all of the taxpayers use the cash method of accounting.

	a.	All of the taxpayers above are in constructive receipt of the income items.
	b.	Ben entered into a contract to sell his rental property on December 3, 2020. On that date, the down payment, a check for $1,000, was placed in an escrow account. Ben received the check when the transaction closed on January 20, 2021.
	c.	Al is a self-employed accountant. On December 27, 2020, he received a check for $2,000 for preparing the November financial statements of one of his clients. Due to illness, he was unable to deposit the check until January 5, 2021.
	d.	On December 20, 2020, Mr. Big received stock worth $10,000 as a bonus from the corporation for which he worked. He did not sell the stock until January 5, 2021.
	e.	Sugar Ray fought Rocky on December 25, 2020, a Christmas fight shown on television all over the world. On December 28, the fight promoters gave Sugar Rays agent, Leo Luciani, a check for $5 million representing his prize money for the fight. Leo delivered the check to Sugar Ray on January 12, 2021.

G is an 11-year-old heiress whose share of income from various sources is as follows for the current year:

Source: G's share of entity's net income: G's share of distributions:

LM TRUST $45,000 $30,000

ABC Partnership $80,000 $22,000

XYZ Corp. ( a C corp.) $480,000 $76,000

Interest from a savings bank account $0 $50,000

Gs AGI, (ignoring the deduction for one-half of any self-employment tax, if any) is how much: (show calculations)

	a.	$178,000
	b.	$605,000
	c.	$236,000
	d.	$251,000

An S corporations tax treatment is most similar to the

	a.	individual.
	b.	partnership.
	c.	sole proprietorship.
	d.	corporation.

In the calculation of gross income, which of the following is NOT an example of nontaxable employee benefits?

	a.	Group-term life insurance for $100,000 of coverage
	b.	Parking provided in the company garage
	c.	Supper money for voluntarily working overtime
	d.	Purchase discounts for all employees equal to the employer's gross profit percentage

J sold the following capital assets during the current year:

100 shares of X Corp. held 14 months $(500) loss 50 shares of T Corp. held four months (240) loss City lot held seven years for speculation 900 gain How much is Js overall net capital gain, if any? Be sure to show your work and calculations.

	a.	$660
	b.	$160
	c.	$400
	d.	$740