Determine whether the taxpayer has realized income in each of the following cases.Explain why there has (or has not)been a realization and when the income will be realized if there is not a current realization.
a.Jaime appears on a TV game show in December 2016. She wins $25,000 in cash and a new sailboat worth $12,000. She receives a check for the cash she won on December 28, 2016. However, the sailboat was not ready for her to pick up until the following February.
b.Barry owns 30% of Thurman Corporation. Thurman, an S corporation, reports a taxable income of $2,000,000 and pays cash dividends of $1,000,000 in 2016.
c.Yolanda signs a contract to be Athletic Director of Higgins University for 5 years. Upon signing the contract she receives a $50,000 bonus. The terms of the contract provide that Yolanda will have to repay the bonus if she terminates her relationship with the University before the end of the contract.
d.Randy was arrested for reckless driving. Because it was his third offense, his fine was set at $1,000. Randy's employer needed Randy at work, so he paid the fine. He told Randy that he would not have to repay the $1,000 if he was not arrested again.

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The Answer of Determine whether the taxpayer has realized income in each of the following cases.Explain why there has (or has not)been a realization and when the income will be realized if there is not a current realization.
a.Jaime appears on a TV game show in December 2016. She wins $25,000 in cash and a new sailboat worth $12,000. She receives a check for the cash she won on December 28, 2016. However, the sailboat was not ready for her to pick up until the following February.
b.Barry owns 30% of Thurman Corporation. Thurman, an S corporation, reports a taxable income of $2,000,000 and pays cash dividends of $1,000,000 in 2016.
c.Yolanda signs a contract to be Athletic Director of Higgins University for 5 years. Upon signing the contract she receives a $50,000 bonus. The terms of the contract provide that Yolanda will have to repay the bonus if she terminates her relationship with the University before the end of the contract.
d.Randy was arrested for reckless driving. Because it was his third offense, his fine was set at $1,000. Randy's employer needed Randy at work, so he paid the fine. He told Randy that he would not have to repay the $1,000 if he was not arrested again.

Determine Whether the Taxpayer Has Realized Income in Each of the Following