Chad Won a Car Valued at $25,000 from a Game

question 4

True/False

Chad won a car valued at $25,000 from a game show.Because he immediately donated the car to the Red Cross,Chad can exclude $25,000 from gross income.

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Definitions:

Car Dealer

A business that sells new or used cars at the retail level, based on a dealership contract with an automaker or its sales subsidiary.

Demonstrator Model

A product, often vehicles, used for demonstrations and usually sold at a discount after serving its purpose.

Collect Like Terms

The method of merging terms in an algebraic expression that possess identical variables elevated to the identical exponent.

Simplify

The process of making something less complicated or easier to understand, often applied in mathematical expressions or complex ideas.