Problem $4-27($LO$,1)$

Determine the taxpayer's cument$-$year $(1)$ economic income and $(2)$ gross income for tax purposes from the following events:

If an amount is zero, enter $"$o$".$

a$.$ Ja$-$ron's employment contract as chief executive of a large corporation was terminated, and he was paid $$500,000$ not to work for a competitor of the corporation for five years.

b$.$ Elliot, a six$-$year$-$old child, was paid $$5,000$ for appearing in a television commercial. His parents put the funds in a savings account for the child's education.

c$.$ Valery found a suitcase that contained $$100,000.$ She could not determine who the owner was.

d$.$ Winn purchased a lottery ticket for $$5$ and won $$750,000.$

e$.$ Larry spent $$1,000$ to raise vegetables that he and his family consumed. The cost of the vegetables in a store would have been $$2,400.$

f$.$ Dawn purchased an automobile for $$1,500$ that was worth $$3,500.$ The seller was in desperate need of cash.