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1) Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction?

2) Which of the following items would be excluded from income?

(a) $100 bill found under the sugar caddy at the restaurant.

(b) Inheritance of a car from your grandmother valued at $5,000.

(c) Loan from your father-in-law to start your business.

(d) Child Support received totaling $16,500.

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  • Category:- Accounting Basics
  • Reference No.:- M940805

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