I:4-34 Excludable Gifts. Which of the following would be includable in gross income? a. Alice appeared on

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I:4-34 Excludable Gifts. Which of the following would be includable in gross income?

a. Alice appeared on a TV quiz show and received a prize of $5,000.

b. Bart received $500 from his employer because he developed an idea that reduced the employer’s production costs.

c. Chuck borrowed $500 from his mother in order to finance his last year in college.

Upon his graduation, Chuck’s mother told him he did not have to repay the $500. She intended the $500 to be a graduation present.

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