TAX 2000-12 TAX2000-12 Individual Week 2

TAX 2000-12 TAX2000-12 Individual Week 2


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TAX 2000-12 Individual Week 2

Chapter 2: Gross Income and Exclusions 

Problem 1 (page 2-32)

Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2013 tax year.

Problem 2 (page 2-32)

John installed a new roof on his friend’s house in return for a used truck worth $8,000. How much income must John report on his tax return for his services?

Problem 3 (page 2-32)

Larry is a tax accountant and Sheila is a hairdresser. Larry prepares Sheila’s tax return for free and Sheila agrees to style Larry’s hair six times for free in return for the tax return. The value of the tax return is approximately $300 and the hair styling work is approximately $300.

Problem 11 (page 2-36)

How much of each of the following prizes or awards is taxable?

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