For the following independent cases, determine whether economic income is present and, if so, whether it must
Question:
For the following independent cases, determine whether economic income is present and, if so, whether it must be included in gross income. Identify a tax authority that supports your analysis.
a) Hermione discovered a gold nugget (valued at $10,000) on her land.
b) Jay embezzled $20,000 from his employer and has not yet been apprehended.
c) Keisha found $1,000 inside an old dresser. She purchased the dresser at a discount furniture store at the end of last year and found the money after the beginning of the new year. No one has claimed the money.
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Related Book For
McGraw-Hill's Taxation Of Individuals
ISBN: 9781259729027
2017 Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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