Question
Part 1: What is the taxpayers gross income in each of the following situations? Darrin received a salary of $50,000 in 2013 from his employer,
Part 1: What is the taxpayers gross income in each of the following situations? Darrin received a salary of $50,000 in 2013 from his employer, Green Construction. In July 2013, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance. Blake received $15,000 from his deceased wifes employer to help him in his time of greatest need. Clint collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wifes employer. Peggy won $4000 in the state lottery.
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