Indicate whether each of the items listed below would be included (I) in or excluded (E) from

Question:

Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2012 tax year.
________a. Welfare payments
________b. Commissions
________c. Hobby income
________d. Scholarships for room and board
________e. $300 set of golf clubs, an employee award for length of service
________f. Severance pay
________g. Ordinary of $50
________h. Accident insurance proceeds
________i. Inheritances
________j. Gifts
________k. Tips and gratuities
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...