You friend Zach promises to help you with you homework tomorrow night.  You are really happy because you need help and say, "thank you so much!"  The next day Zach changes his mind and says he can't help you. Is Zach legally bound by his promise?

2. In 2020, Gale and Cathy Alexander hosted an exchange student, Axel Muller, for 9 months. Axel was part of International Student Exchange Programs (a qualified organization). Axel attended tenth grade at the local high school. Gale and Cathy did not claim Axel as a dependent but paid the following items for Axel's well-being: Food and clothing Medical care $1,500 200 Fair market value of lodging 2,700 100 $4,500 Entertainment Total Gale and Cathy have asked for your help in determining if any of the $4,500 can be deducted as a charitable contribution. Required: Go to the IRS website (www.irs.gov) and locate Publication 526. Please answer the question for Gale and Cathy. If they can claim a deduction, be sure to include in your post the amount that can be deducted and any substantiation requirements.

Can you help me with some tips Question?  Imagine you are a deciding Judge for the following scenario. Decide who should win the case including the reasoning for the decision? 1. Chip bought an insurance policy on his house from Insurance Co. The policy covered damage from fire but explicitly excluded coverage for harm caused “by or through an earthquake.” When an earthquake struck, Chip’s house suffered no fire damage but the earthquake caused a building some blocks away to catch on fire. That fire ultimately spread to Chip’s house, burning it down. 2. Is Insurance Co. liable to Chip? 3. Argument for Insurance Co.: The policy could not have been clearer or more explicit. If there had been no earthquake, Chip’s house would still be standing. The policy does not cover his loss. Argument for Chip: His house was not damaged by an earthquake, it burned down. The policy covered fire damage. If a contract is ambiguous, it must be interpreted against the drafter of the contract.

Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After she finishes, Joe does not have cash to pay Jessica, but he has an antique, collectible baseball card with a fair market value of $2,000 that he gives her to satisfy the payment. The baseball card cost Joe $500. How much should Jessica include in her gross income?