Question
Question 1 Todd is a cash-basis taxpayer. Daren Corporation made the following payments to or on behalf of Todd during 2019. Note received in lieu
Question 1 Todd is a cash-basis taxpayer. Daren Corporation made the following payments to or on behalf of Todd during 2019.
Note received in lieu of bonus (Fair market value $3,000, no payments made in 2016) $5,000 Advance commissions for services to be performed in the future 1,000 Group-term life insurance premium paid by Daren Corporation on insurance coverage of $50,000 100
What amount should Todd report as income in 2019?
1) $6,100
2) $5,100
3) $4,100
4) $4,000
Wade Woods is an employee of a meat packing plant that allows him to purchase goods at a discount that exceeds the gross profit percentage of the price at which the goods are offered to regular customers. Wade must include the portion of the discounts that exceeds the gross profit percentage in his income. 1) True 2) False
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