Problem $4-30($LO$.1,2)$

Determine the taxpayer's gross income for tax purposes in each of the following situations:

If an amount is zero, enter $"0".$

a$.$ Deb, a cash basis taxpayer, traded a corporate bond with accrued interest of $$300$ for corporate stock with a fair market value of $$12,000$ at the time of the exchange. Deb's cost of the bond was $$10,000.$ The value of the stock had decreased to $$11,000$ by the end of the year.

Gross Income

b$.$ Deb needed $$10,000$ to make a down payment on her house. She instructed her broker to sell some stock to raise the $$10,000.$ Deb's cost of the stock was $$3,000.$ Based on her broker's advice, instead of selling the stock, she borrowed the $$10,000$ using the stock as collateral for the debt.

c$.$ Deb's boss gave her two tickets to the Rabid Rabbits rock concert because she met her sales quota. At the time she received the tickets, each ticket had a face price of $$200$ and was selling on eBay for $$300.$ On the date of the concert, the tickets were selling for $$250$ each. Deb and her son attended the concert.