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Which of the following statements is correct? Mike, who is a handy man, received concert tickets for doing repairs. The tickets had a FMV of
Which of the following statements is correct? Mike, who is a handy man, received concert tickets for doing repairs. The tickets had a FMV of $250 and a face value of $125. Mike included $125 in gross income. . B. Jenny won a car on the price is Right. The retail price of the car is $35,000. Jenny included $35,000 in her gross income. John is 12 years old and the son of Tom and Ida. Unfortunately, John was very sick and spent over 270 days in a hospital. Tom and Ida cannot claim John because more than half of the year, John was in a hospital and not at home. OD. Paul earned $500 in municipal bond interest. He excluded this income from taxable income. O E. B and Donly. QUESTION 6 Emily was starting a new business. She purchased a used truck for $30,150. The cost to ship the truck was $925. She had the car detailed and painted with her logo on it for $1,250. Shortly after purchasing the vehicle, the truck needed brakes and tune-up. The cost of the brakes and tune-up were 5650 and $200, respectively. What is Emily's cost basis for the truck? A. 30,800 B. 32,325 C. 31,400 D.33,175 E. 30,150
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