Classify the following items as ordinary income, a gain, or an exclusion:
a. The gross revenues of $160,000 and deductible expenses of $65,000 of an individual’s
consulting business
b. Interest received on a checking account
c. Sale for $8,000 of Kummel Corporation stock that cost $3,000
d. Receipt of $1,000 as a graduation present from grandfather
e. Royalty income from an interest in a gold mine