Cole, a 48-year-old married individual, received the following in 2017: In addition, Cole spent $500 on lottery
Question:
In addition, Cole spent $500 on lottery scratch-off cards in 2017. All of the cards were losers except for one, from which Cole won $1,000. Given these facts, what total amount from the above should be included in gross income on Coles 2017 tax return?
a. $ 4,550
b. $ 6,550
c. $11,050
d. $11,550
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
South-Western Federal Taxation 2018 Comprehensive
ISBN: 9781337386005
41st Edition
Authors: David M. Maloney, William H. Hoffman, Jr., William A. Raabe, James C. Young
Question Posted: