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Carline's son, Leon, is a musical prodigy. Carline, also a musical person, has spent a...

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Accounting

Carline's son, Leon, is a musical prodigy. Carline, also a musical person, has spent a significant amount of time teaching Leon music and promoting his possible career. When Leon finally receives a recording contract, Carline is designated in the contract to receive one-half of Leon's total earnings. Discuss the proper recognition of gross income and related deductions concerning this arrangement. Cite your sources.

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