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Turtlelover05
Turtlelover05
20.12.2019 • 
Business

Lance strongarm, a recently retired professional athlete, is writing his
memoirs. he intends to direct any royalties received on the book to
his favorite charitable organization. he has not yet signed a contract
with a publisher.
will the future royalties be included in lance’s
taxable gross income? why or why not? if your answer is yes, is any
alternative arrangement available that lance might make to avoid
gross income recognition? prepare a written memorandum stating the
research issue(s), your conclusions concerning the issue(s), and the
specific statutory, regulatory, or judicial authority supporting your
conclusions.

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