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Jennifer uses the cash method. Which of the following transactions result in gross income in the current year? 1. Car, worth $7,000, received as a
Jennifer uses the cash method. Which of the following transactions result in gross income in the current year? 1. Car, worth $7,000, received as a consulting fee 2. $500 of interest credited to her checking account, but not withdrawn 3. Wages payable from a corporation with ample funds, in which she is a 12 percent shareholder, unpaid at year-end 4. Stock, worth $20,000, for services rendered, fully vested if Jennifer still works for the corporation in three years 5. $700 of dental services (bill cancelled upon Jennifer's estate planning advice to the dentist's mother-in-law) 6. Sale of a used car for a note due in one year, face value $3,000, fair market value $2,500. No elections were made
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