What are the requirements to claim a dependency exemption for qualifying children and qualifying relatives? Briefly explain each one.

Why might an individual who has held an appreciated capital asset for eleven months want to delay the sale of the asset?

Under 74 of the IRC, what are the requirements a taxpayer must meet in order to exclude an award from gross income?

May an employee exclude meals and lodging provided by her employer from gross income? If so, under what conditions?

If a loan is repaid, must the lender include the repayment in gross income? Why or why not?

Bonus: if a loan is forgiven, must the borrower include the forgiven amount in gross income? Why or why not?

Why is the distinction between alimony and a divorce property settlement important for tax purposes?

During 2016, Jones has cash receipts for wages of $13,000; interest income on U.S. Treasury bonds of $350; and workers' compensation following a job-related injury of $8,500. What amount of gross income should Jones report on his 2016 federal income tax return? Explain.

Alice and Bill have two children, Mary (age 10) and Jim (age 12). Alice's Aunt Ida resides with the family in an apartment over the family's garage. Ida's only income is $1,000 per month in Social Security benefits. Alice and Bill receive no rent payments from Ida and provide all remaining support for her living arrangements. How many exemptions may Alice and Bill claim on their 2016 federal income tax return? Explain.