For each of the following independent cases indicate the amo

For each of the following independent cases, indicate the amount of gross income that should be included on the taxpayer\'s return.
Gross Income
1 Helen enters a radio contest and wins $2,000. $
2 Professor Deborah wins an award of $10,000 for a book on literature she published 4 years ago. The award was presented in recognition of her past literary achievements. $
3 Bill is a professional baseball player. Because he has hit 50 home runs this season, he was given a new wrist watch worth $2,500. $
4 John is an employee of Big Corporation. He is awarded $5,000 for a suggestion to improve the plant layout. $
5 Martha received a desk clock worth $350 from her employer in recognition of her 15 years of loyal service as an employee. $
For each of the following independent cases, indicate the amount of gross income that should be included on the taxpayer\'s return.
Gross Income
1 Helen enters a radio contest and wins $2,000. $
2 Professor Deborah wins an award of $10,000 for a book on literature she published 4 years ago. The award was presented in recognition of her past literary achievements. $
3 Bill is a professional baseball player. Because he has hit 50 home runs this season, he was given a new wrist watch worth $2,500. $
4 John is an employee of Big Corporation. He is awarded $5,000 for a suggestion to improve the plant layout. $
5 Martha received a desk clock worth $350 from her employer in recognition of her 15 years of loyal service as an employee. $

Solution

Unless there is exemption all the gross income should be included in the taxapayable income for return
1)2000
2)10000
3)2500
4)5000
5)since this a gift it is taxable in hands od employer so it is 0

 For each of the following independent cases, indicate the amount of gross income that should be included on the taxpayer\'s return. Gross Income 1 Helen enters
 For each of the following independent cases, indicate the amount of gross income that should be included on the taxpayer\'s return. Gross Income 1 Helen enters
 For each of the following independent cases, indicate the amount of gross income that should be included on the taxpayer\'s return. Gross Income 1 Helen enters

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