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Question : 1
(TCO 2) On June 30, 20X2, Jill, a cash basis taxpayer, gave Tina a bond with a $25,000 face amount that pays $2,500 interest each December 31. When Tina collected the interest on December 31, 20X2, _.
Jill must include all of the interest in her gross income
Tina must include all of the interest in her gross income
Jill must report $1,250 interest income, and Tina must report $1,250 interest income
Jill must recognize $1,250 of interest income at the time of the gift
Tina must recognize $25,000 of income at the time of the gift
Question 2. Question :
(TCO 3) Roger, age 19, is a full-time student at State College and a candidate for a bachelor’s degree. During 20X2, he received the following payments.