What is income? in each of the following situations indicate whether taxable income should be...
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What is income? in each of the following situations indicate whether taxable income should be recognized. a) Q purchased an older home for 30,000. Shortly after its purchase, the area in which it was located was designated a historical neighborhood, causing its value to rise to 50,000 b) R, a long term employee of XYC, purchased one of the company's cars worth 7,000 for 3,000. c) I borrowed 10,000 secured by property that had an adjusted basis of 3,000 and a fair market value of 15,000 d)S, a 60% shareholder in STV Corporation, uses a company car 70% of the time for business and 30% for personal purporses. The rental value of the car is 350 per month
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