Final answer:
The statement is True: Sherri sold her Super Bowl tickets for three times what she paid for them, and the amount in excess of her cost should be included in gross income.
Step-by-step explanation:
The statement is True: Sherri sold her Super Bowl tickets for three times what she paid for them. The amount she received in excess of her cost should indeed be included in gross income.
Gross income refers to the total income earned by an individual before any deductions or expenses are taken into account. When Sherri sold the tickets at a higher price than what she paid for them, that amount represents a gain or profit. This gain is considered a taxable event and should be included in her gross income.
For example, if Sherri bought the Super Bowl tickets for $100 and sold them for $300, she made a profit of $200. This $200 should be reported as part of her gross income when filing her taxes.