ACC 4301 ACC4301 Chapter 4 Homework Problem Solutions (University of Houston)

ACC 4301 ACC4301 Chapter 4 Homework Problem Solutions (University of Houston)

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ACC 4301 Chapter 4 Homework Problem Solutions (University of Houston)

27.a.The $500,000 is economic income and gross income for tax purposes. Sam realized $500,000 for agreeing not to compete and must include the entire amount in gross income. Pay for not performing is treated the same as pay for performing.

b.The $5,000 is economic income and gross income for tax purposes.

c.The $100,000 is an increase in wealth realized and must be included in Valery’s gross income and is economic income.

d.Winn’s economic income is $749,995 (the winnings less the cost of the ticket). For tax purposes, he has $750,000

etc.


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