29) L0.1. Determine the taxpayer’s gross income for tax purposes in each o

29) L0.1. Determine the taxpayer’s gross income for tax purposes in each of the following situations.a) Olga, a cash basis taxpayer, traded a corporate bond on accrued interest of $300 for corporate stock with fair market value of $11,000 at the time of the exchange. Olga’s cost of the bond was $10,000. The value of the stock had increased to $12,000 by the end of the year.b) Olga needed $10,000 to make a down payment on her house. She instructed her broker to sell some stock to raise the $10,000. Olga’s cost of the stock was $3000. Based on her broker’s advice , instead of selling the stock, she borrowed the $10,000 using the stock as collateral for debt.c)Olga’s boss gave her two tickets to the Rabid Rabbits rock concert because she met her sales quota. At the time she received the tickets, they had a face price of $200 and were selling on eBay for $300 each. On the date of the concert, the tickets were selling for $400 each. Olga and her son attended the concert.

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29) L0.1. Determine the taxpayer’s gross income for tax purposes in each o
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