Ophra is a cash basis taxpayer who is employed in the publishing industry. This year her employer informed her that because of her outstanding performance she is entitled to a free world cruise. Ophra asked her employer to issue the cruise tickets to her parents, and he complied with this request. Identify the principle that will determine whether Ophra or her parents are taxed on the value of the cruise tickets:
A) Assignment of income.
B) Constructive receipt.
C) Return of capital principle.
D) Wherewithal to pay.
E) All of the choices are correct.A

Question

06-12-2022
Law

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Ophra is a cash basis taxpayer who is employed in the publishing industry. This year her employer informed her that because of her outstanding performance she is entitled to a free world cruise. Ophra asked her employer to issue the cruise tickets to her parents, and he complied with this request. Identify the principle that will determine whether Ophra or her parents are taxed on the value of the cruise tickets:
A) Assignment of income.
B) Constructive receipt.
C) Return of capital principle.
D) Wherewithal to pay.
E) All of the choices are correct.A

Sagot :

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jaiswaljyoti jaiswaljyoti · Answer 1 · 2022-12-08T12:27:02-05:00

A) Assignment of income is the correct answer.

According to this principle, Oprah will be taxed on the value of cruise tickets. It is just an assignment of income like gifts.

It is standardized. No further explanation is required.

You can directly assign a portion of your income to another individual through an assignment of income. Numerous taxpayers wrongly believe that assigning your income to someone else will cut your taxable income, even though there are many good reasons to do so. You can divert taxes, but you cannot divert income when you assign income.

To know more about the assignment of income, visit;

brainly.com/question/17578836

#SPJ4

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