Question
Q1 - Unless an item of income is specifically excluded by some section of the Code, it is includible in gross income. True False Q2
Q1 - Unless an item of income is specifically excluded by some section of the Code, it is includible in gross income.
True
False
Q2 - Parent transferred real estate to two children. Children then sold the real estate to Third Person. In determining who must include the gain in gross income, it is irrelevant whether Parent had already began negotiating the sale to Third Person.
True
False
Q3 - Lawyer performs services for Restaurant Owner in exchange for a free dinner for Lawyer and Lawyers spouse, for which Restaurant Owner would normally charge $350. Lawyer and Restaurant Owner both recognize gross income of $350.
True
False
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Survey of Accounting
Authors: Carl S Warren
5th Edition
9780538489737, 538749091, 538489731, 978-0538749091
