In 2015, Emil Gow won $5,000 in a state lottery. Also in 2015, Emil spent $400 for the purchase of lottery tickets. Emil elected the standard deduction on his 2015 income tax return. The amount of lottery winning that should be included in Emil's 2015 taxable income is
a. $0
b. $2,000
c. $4,600
d. $5,000
Answer: D
Tax
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- Income in respect of a cash-basis decedent
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