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jason incorporated maintains a qualified profit-sharing plan for its employees. this year, jason contributed $2,300 to preston's profit-sharing account. which of the following statements is true? multiple choice jason cannot deduct the contribution, and preston does not include the contribution in gross income. jason cannot deduct the contribution, but preston must include the contribution in gross income. jason can deduct the contribution, but preston does not include the contribution in gross income. jason can deduct the contribution, and preston must include the contribution in gross income.

Respuesta :

The following statement "Jason can deduct the contribution, but Ms. Preston does not include the contribution in her gross income" is true.

Income, which is often stated in monetary terms, is the spending and saving opportunity acquired by an entity within a given duration. Conceptually, income is hard to define, and various disciplines may have distinct definitions. Haig-Simons income, which defines income as Consumption + Change in Net Worth and is commonly applied in economics, is a very significant definition of income.

Income is a total that includes any wages, salaries, profits, interest payments, rent, or other forms of earnings earned in a calendar year for families and individuals in the United States, as defined by tax law. Gross income for a business is the total revenue less the cost of items sold.

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