Rob Is 8 Years Old and Won a Sports Car

question 53

Essay

Rob is 8 years old and won a sports car valued at $30,000 in a drawing at Disneyland this year. How much income, if any, must Rob report on his tax return for this year? Why?

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Definitions:

Shelves

Flat horizontal surfaces used for storing or displaying items, found in cabinets, rooms, or on walls.

File Cabinets

Furniture designed for the organized storage of documents, files, and papers, typically used in office settings.

OUTguides

Tools used in filing systems to track documents that have been removed, typically consisting of a placeholder that records who has taken the document and when.

Barcodes

A machine-readable form of information on a scannable, visual surface that typically represents data about the product to which it is attached.