Problem LO Algo
For each of the following independent situations, indicate the amount the taxpayer must include in gross income:
Note: Leave no answer blank. Enter zero if applicable.
Required:
Phil won $ in the scratchoff state lottery. There is no state income tax.
Ted won a compact car worth $ in a TV game show. Ted plans to sell the car next year.
Al Bore won the Nobel Peace Prize of $ this year. Rather than take the prize, Al designated that the entire award should go to Weatherhead Charity, a taxexempt organization.
Jerry was awarded $ from his employer, Acme Toons, when he was selected most handsome employee for Valentine's Day this year.
Ellen won a $ cash prize in a school essay contest. The school is a taxexempt entity, and Ellen plans to use the funds for her college education.
Gene won $ in the office March Madness pool.
