n 2020, Bob’s mother gave Bob a used car for his birthday. Bob’s mother purchased the...
n 2020, Bob’s mother gave Bob a used car for his birthday. Bob’s mother purchased the car in 2012 for $35,000. On the date of the gift, the car had an FMV of $20,000. What is Bob’s gross income from the receipt of the car?
Homework Answers
Solution:
Bob's gross income from the receipt of the car = $0
Gifts received are not included in the gross income of the taxpayer at any value. So, Bob should not recognize any income from the receipt of the car.
note: Opposite to gifts, Bonuses & Awards are included in the gross income.
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n 2020, Bob’s mother gave Bob a used car for his birthday. Bob’s
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