ACC 330 Module Two Income List Instructions
- Review the list of topics below and select three topics to research in depth.
- Apply the research process described in the Tax Research Guide found in the Supporting Materials section of the Module Two Income Assignment Guidelines and Rubric.
- Complete the Module Two Income Template found in the What to Submit section of the Module Two Income Assignment Guidelines and Rubric.
List of Income-Related Research Topics
- Caleb received a prize totaling $400 from the local civic center without any action on their part and without requirement to provide any services as a condition of receiving the prize.
- A married couple, Xi and Francis, have sold their primary residence. They purchased the home for $150,000 thirty years ago and sold the home for $780,000.
- Cari’s grandmother sent her $12,000 in May as a gift, and another $5,000 was paid directly to her school in August for tuition.
- Interest of $500 was earned on state and local bonds that were gifted to Tannon when they turned eighteen.
- Monique receives a stipend from her employer in the amount of $350 per month for qualified parking and/or transit pass reimbursement. At the end of the year, her employer also provides a turkey for Thanksgiving, which each employee receives (a value of $25).
- Kathy received Form 1099-C reporting $1,000 in cancelled credit card debt. This included $150 in credit card interest from personal purchases made using the credit card.
- Stacy received a settlement from a recent accident for $15,000. The award included $11,000 as settlement for personal physical injury and $4,000 for emotional distress associated with the accident. Stacy claimed related medical expenses from this accident as itemized deductions totaling $6,000 in the prior tax year.
- Retired Army veteran, Korey, received grant funding in the amount of $10,000 for education, training, and subsistence allowance and $3,000 for his home to be designed for wheelchair living. These funds were paid to Korey by the Department of Veteran Affairs (VA).
- Shamed surrendered his life insurance policy for cash in the amount of $25,000. He previously paid $20,000 in premiums for this policy.
- Alex and Frank are members of a barter club. Members in this club can contact one another directly to exchange services. Alex repaired Frank’s broken window, and Frank repaired Alex’s broken refrigerator.
- Ellen bought a cottage for personal use for $20,000 in 1980 and made no further improvements or additions to it. A storm destroyed the cottage this January. At the time, the cottage was worth $250,000. Ellen received $150,000 from the insurance company in March and spent $120,000 rebuilding the cottage.
- Justin received $12,000 in alimony payments for a divorce agreement settled in 2021.
- Larry collected $4,500 in unemployment benefits from the State of Florida after being laid off from his former employer.
- Dirk received payment from his employer in the form of Bitcoin for $1,200, which was the fair market value (FMV) at the time the currency was received.
- Grace-Ann received $100 a week for 12 weeks to babysit her grandson, Alec, while his parents were at work.
