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Required information [The following information applies to the questions displayed below.] Grady is a member of a large family and received the following payments this
Required information [The following information applies to the questions displayed below.] Grady is a member of a large family and received the following payments this year. For each payment, determine whether the payment constitutes realized income and determine the amount of each payment Grady must include in his gross income. Note: Leave no answer blank. Enter zero if applicable. a. A gift of $23,600 from Grady's grandfather. b. One thousand shares of GM stock worth $192 per share inherited from Grady's uncle. The uncle purchased the shares for $43 each, and the shares are worth $197 per share at year-end. For estimate 1, an aggressive CFO would report estimated future uncollectible accounts of d. A loan of $5,900 for school expenses from Grady's aunt
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