Problem LO
For each of the following, determine the amount that should be included in gross income.
If an amount is zero, enter
a Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an automobile with a value of
$ Peyton did not need the automobile, so he asked that the title be put in his parents' names.
Peyton is required to include
in his gross income.
b Jacob was awarded the Nobel Peace Prize. When he was presented the check for $ Jacob said, "I do not need the money.
Give it to the United Nations to use toward the goal of world peace."
Jacob is required to include $
of the prizes received in his gross income.
c Linda appeared on a television game show during the year, winning $ of cash and $ of furniture and appliances.
Linda is required to include $
of the prizes in her gross income
