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son Although Hank is retired, he is an excellent handyman and often works part-time on...

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Accounting

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son Although Hank is retired, he is an excellent handyman and often works part-time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $500 for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar-year taxpayer. Mike gave Hank tickets in December to the big game in January. The tickets have a face value of $50 but Hank could sell them for $460. Hank went to the game with his son. What is Hank's gross income for this year? Although Hank is retired, he is an excellent handyman and often works part-time on small projects for neighbors and friends. Last week his neighbor, Mike, offered to pay Hank $500 for minor repairs to his house. Hank completed the repairs in December of this year. Hank uses the cash method of accounting and is a calendar-year taxpayer. Mike gave Hank tickets in December to the big game in January. The tickets have a face value of $50 but Hank could sell them for $460. Hank went to the game with his son. What is Hank's gross income for this year

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