Brian and Sheila Williams were married in October of 2005. They live at 1000 Main Street, Atlanta, GA 33127. Brian is a postal service worker. Sheila is a teacher at Grady High School. Brian's social security number is 555-11-1111 and Sheila's social security number is 555-22-2222. They have a dependent daughter Jayla who is 10 years old (Born on May 12th). Jayla's social security number is 555-33-3333.
Which of these items would be EXCLUDED from Gross Income and why (statute if possible)
Included or Excluded Items
Loaned a relative $2000 2 years ago and that friend has filed for bankruptcy and will not be able to pay it back
Earned $100 interest in municipal bonds
Found a diamond worth $1000 on the ground
Received $500 in death benefits fron Brian's father
Received $4,000 court settlement. $1,000 was punitive damanges.
Brian paid $400/month in child support
Received a $1000 gift from his brother
Sheila won $100 playing bingo
Brian paid $200/month in alimony
Sheila received a $1000 gift from her mother