Solved: What needs to be included in gross income, Accounting Basics

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What needs to be included in gross income

Problem: A man received $7500 for being an executor of an estate. He also received a home worth 100,000 but was only purchased for 30,000. Finally, he receives the life insurance benefits of 100,000. He elected to receive payment in installments and for this year he collected 30,000 of it. With these three scenarios, how much would his income increase by.

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Accounting Basics: What needs to be included in gross income

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Accounting Basics: What needs to be included in gross income

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