Teresa Was Married on November 1 of This Year and on That

question 58

Essay

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

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Definitions:

Medicaid Program

A joint federal and state program that helps with medical costs for people with limited income and resources.

Poor People

Individuals or groups who lack sufficient financial resources to meet basic living expenses such as food, shelter, and healthcare.

Uninsured

refers to individuals or entities that lack insurance coverage, potentially exposing them to financial risk in the face of unexpected losses or health issues.