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Federal Individual Taxation

Part 1: What is the taxpayer s gross income in each of the following situations?
a.Darrin received a salary of $50,000 in 2013 from his employer, Green
Construction.
b.In July 2013, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota.
c.Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance.
d.Blake received $15,000 from his deceased wife s employer “to help him in his time of greatest need.”
e. Clint collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The
premiums on the policy were paid by his deceased wife s employer.
f. Peggy won $4000 in the state lottery.
Part 2: Sally was an all-state soccer player during her junior and senior years in high school. She accepted an athletic scholarship from State University. The scholarship provided the following:
Tuition and fees$15,000
Housing and meals 6,000
Books and supplies 1,500
Transportation $1,200
a.Determine the effect of the scholarship on Sally s gross income.
b. Sally s brother, Willy, was not a gifted athlete, but he received $8,000 from their father s employer as a scholarship during the year. The employer grants the children of all executives a scholarship equal to one-half of annual tuition, fees, books, and supplies. Willy also received a $6,000 scholarship (to be used for tuition) as the winner of an essay contest related to bioengineering, his intended field of study

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