question 35

Required information The following information applies to the questions displayed below! Although Hank is retired, he is an excellent handyrnan and often works part time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $500 for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar-year taxpayer. Compute Hank's gross income for this year from each of the following alternative transactions b. Mike gave Hank tickets in December to the big game in January. The tickets have a face value of $50, but Hank could sell them for $400. Hank went to the game with his son