State whether each of the following is taxable or nontaxable.
a.Susan won a jackpot of $50,000 gambling at a casino.
b.Sarah received a Christmas ham from her employer.
c.Jonathan won a car in a supermarket raffle valued at $25,000.
d.Gary received a scholarship for tuition of $5,000 a year.
e.Eric is given lodging valued at $1,000 a month on the oil rig where he is employed since it is impossible for Eric to go home during the period of time he is assigned to work on the rig.
Correct Answer:
Verified
b.Nontaxab...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q51: Marie had a good year. She received
Q62: Payments made to a qualified retirement plan
Q63: Richard, who retired on April 30, 2018,
Q68: Helga receives a $300,000 life insurance payment
Q68: Cynthia, age 64, retired in June.Starting in
Q70: Van is sick and tired of his
Q73: Which of the following would result in
Q76: To promote business activity, the tax rules
Q79: Toby transfers to Jim a life insurance
Q80: If a life insurance policy is transferred
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents