Ricardo owns a small unincorporated business. His​ 15-year-old daughter Jane works in the business on a​ part-time basis and was paid wages of​ $3,000

Ricardo owns a small unincorporated business. His​ 15-year-old daughter Jane works in the business on a​ part-time basis and was paid wages of​ $3,000 during the current year. Who is taxed on the​ child's earnings: Jane or her​ father? Explain.

QI:3-12

Define the term constructive receipt. Explain its importance.

QI:3-14

When is income considered to be earned by an​ accrual-basis taxpayer?

QI:3-19

Corporations are taxed on the income they​ earn, and shareholders are taxed on the dividends they receive. What provisions in the tax law reduce this​ "double tax"​ burden?

QI:3-23

Explain the importance of the distinction between alimony and a property settlement.