Ron, age 19, is a full-time student at William Paterson University and is claimed as a dependent by his parents. During 2016, he received the following payments: What is Ron's taxable income for 2016? $0. $51,000. $75,000. $20,000. None of the above. Tracey is a cash basis taxpayer. In 2015, her NJ withholding taxes (taxes paid from her paycheck during the year), totaled $6,000. In early 2016, she filed her 2015 NJ income tax return and received a $600 refund. Your answer must include the applicable rule that deals with this type of situation. If Tracey itemized her deductions in 2015 on her Federal income tax return and her itemized deductions exceeded the standard deduction by at least $600, she must amend her 2015 return to reduce her itemized deductions. If Tracey itemized her deductions in 2015 on her Federal income tax return and her itemized deductions exceeded the standard deduction by at least $600, she must include the $600 in her 2016 gross income. If Tracey itemized her deductions in 2015, she must amend her 2015 Federal income tax return and use the standard deduction. Tracey must recognize $600 as income from discharge of indebtedness. None of the above