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LO . 1 Determine the taxpayer s current - year ( 1 ) economic income and ( 2 ) gross income for tax purposes from
LO Determine the taxpayers currentyear economic income and gross income for tax purposes from the following events:
Jarons employment contract as chief executive of a large corporation was terminated, and he was paid $ not to work for a competitor of the corporation for five years.
Elliot, a sixyearold child, was paid $ for appearing in a television commercial. His parents put the funds in a savings account for the childs education.
Valery found a suitcase that contained $ She could not determine who the owner was.
Winn purchased a lottery ticket for $ and won $
Larry spent $ to raise vegetables that he and his family consumed. The cost of the vegetables in a store would have been $
Dawn purchased an automobile for $ that was worth $ The seller was in desperate need of cash.
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