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ACCT 323 Federal Income Tax Assignment

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ACCT 323 Federal Income Tax Assignment - University of Maryland Global Campus, USA

Question - Jennifer was married on July 1, 2018 and on that day received numerous gifts from her extended family. Her grandfather presented Jennifer with a check for $15,000; her uncle gave Jennifer 1,000 shares of Ford stock worth $10 per share (the uncle purchased the shares for $25 each); and her aunt presented Jennifer with $50,000 of corporate bonds (Jennifer received $1,500 of semiannual interest from the bonds on December 31, 2018). Finally, Jennifer's parents paid off $50,000 of her student loans debt including $2,000 of accrued interest. What amount, if any, must Jennifer include in gross income for 2018?

Reference no: EM132445900

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