Phyllis purchased an automobile for $3,000 down and a note for $15,000.During the year she paid interest of $1,000.Her basis is $18,000.()

When Rick found out that Ryan's liabilities exceeded his assets by $15,000, he forgave Ryan the $1,000 he owed Rick in hoping that Ryan might get back on his feet.Ryan is allowed to exclude the $1,000 from income.() 点击查看答案

According to the U.S.Supreme Court, income may be defined as the gain derived from capital, from labor, or from both combined provided it is understood to include profit gained through sale or conversion of capital assets.() 点击查看答案