Phyllis sued martins estate and won a 65000 settlement she, Ask an Expert

Accounting

Phyllis sued Martin's estate and won a $65,000 settlement. She showed the probate court that she carried out her end of a compensatory arrangement with her companion, under which she provided "traditional wifely services" without benefit of matrimony during Martin's life in exchange for all of his estate. Martin left his entire estate to his faithful dog sparky, via a trust. How much gross income is recognized by Phyllis?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91730932

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - what is the difference between expensing assets

Question - What is the difference between expensing assets such as cement, tools, machinery, etc rather than depreciating certain items. How to correct this on the company's books if they have been expensing everything s ...

Accounting question - a comparative balance sheet for

Accounting Question - A comparative balance sheet for Halper Corporation appears on the next page, and the statement of cash flows form follows. Explain below, why you must convert from an accrual basis of accounting to ...

Question - x company makes two products a and b and uses an

Question - X Company makes two products, A and B, and uses an activity-based costing overhead allocation system, with three cost pools and three cost drivers. Budgeted costs and driver information for 2017 were as follow ...

Question - lana operates a real estate appraisal service

Question - Lana operates a real estate appraisal service business in a small town serving local lenders. After noting that lenders must pay to bring in a surveyor from out of town, she completes a course and obtains a su ...

Question what is meant by the term tax morality if for

Question: What is meant by the term "tax morality"? If for example, your company has a subsidiary in Russia where some believe tax evasion is a fine art, should you comply with Russian tax laws or violate the laws as do ...

Question - at the beginning of the year management had

Question - At the beginning of the year, management had estimated that total manufacturing overhead would be $591,360 and had planned to apply overhead to jobs based on an estimated use 42,240 of machine hours. The actua ...

Question - flounder company recently signed a lease for a

Question - Flounder Company recently signed a lease for a new office building, for a lease period of 12 years. Under the lease agreement, a security deposit of $12,890 is made, with the deposit to be returned at the expi ...

Question - flexible budget for selling and administrative

Question - Flexible Budget for Selling and Administrative Expenses for a Service Company Cloud Productivity Inc. uses flexible budgets that are based on the following data: Sales commissions - 14% of sales Advertising ex ...

Question - messi company is considering an investment that

Question - Messi Company is considering an investment that will return a lump sum of $900,000 6 years from now. What amount should Messi Company pay for this investment to earn an 8% return?

Questions -q1 tom is employed by aa ltd in the usa which is

Questions - Q1. Tom is employed by AA Ltd in the USA which is the parent company located in Los Angelos. Tom was transferred on the 30th of December 2017 to the subsidiary company in Brunswick Melbourne Victoria. AA Ltd ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert