Frank Fox Won $10,000 in a State Lottery

question 51

Multiple Choice

Frank Fox won $10,000 in a state lottery. He also lost $3,000 at the horse races. On his income tax return he should report:

• A) $10,000 gross income
• B) $7,000 gross income
• C) $10,000 gross income and $3,000 deduction for adjusted gross income
• D) $10,000 gross income and $3,000 itemized deduction
• E) None of the above

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Definitions:

Depression

The lowering of a body part.

Antidepressants

Medications prescribed to alleviate symptoms of depression by affecting neurotransmitter levels in the brain.

Psychotherapy

A form of treatment for mental health issues, where a trained therapist uses conversation and other methods to help patients understand and overcome their disorders.

Elderly Patients

Individuals of advanced age receiving medical care or treatment.