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McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick
Edition 3ISBN: 9780077924522McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick
Edition 3ISBN: 9780077924522 Exercise 35
John Elton is a citizen and bona fide resident of Great Britain (United Kingdom). During 2011, John received the following income:
• Compensation of $30 million from performing concerts in the United States.
• Cash dividends of $10,000 from a French corporation stock.
• Interest of $6,000 on a U.S. corporation bond.• Interest of $2,000 on a loan made to a U.S. citizen residing in Australia.• Gain of $80,000 on the sale of stock in a U.S. corporation.
• Determine the source (U.S. or foreign) of each item of income John received in 2011.
• Compensation of $30 million from performing concerts in the United States.
• Cash dividends of $10,000 from a French corporation stock.
• Interest of $6,000 on a U.S. corporation bond.• Interest of $2,000 on a loan made to a U.S. citizen residing in Australia.• Gain of $80,000 on the sale of stock in a U.S. corporation.
• Determine the source (U.S. or foreign) of each item of income John received in 2011.
Explanation
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Income source rules
In order to determi...
McGraw-Hill's Taxation of Business Entities 3rd Edition by Connie Weaver, Brian Spilker, Edmund Outslay, John Robinson, Ronald Worsham, Benjamin Ayers, John Barrick
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