Which of the following should be included in your taxable income: a) Winning a truck on...
Which of the following should be included in your taxable income:
a) Winning a truck on the Price is Right and you keep the truck
b) Winning a truck for being the most valuable player in the World Series, but you give the truck away
c) Winning a truck from a lottery ticket you bought from your child’s high school fundraiser
d) None should be included in your taxable income
e) All should be included in your taxable income
Homework Answers
Option (a) is correct. Winning a truck on the Price is Right and you keep the truck should be included in a taxable income. Winning a truck as a prize is taxed by federal government and hence should be included in the taxable income.
Option (d) is incorrect.
Option (e) is incorrect.
Winning a truck on the Price is Right and you keep the truck should be included in taxable income.
Option (b) is incorrect. Winning a truck for being the most valuable player in the World Series, but you give the truck away should not be included in taxable Income.
Option (c) is incorrect. Winning a truck from a lottery ticket you bought from your child’s high school fundraiser should not be included in taxable Income.
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