17) A gain or loss on the sale of the property is figured using the basis of the property. For inherited property the basis is

Select one:

a. The FMV on the date of the decedent's death

b. The FMV on the alternative valuation date

c. The pass-through basis of the decedent

d. Either A or B

e. None of these

18) Shawn files as a single taxpayer and received a Form 1099-G for 2020 reporting unemployment compensation of $16,600

Select one:

a. None is taxable, as unemployment benefits are not includable in taxable income

b. The entire $16,600 is includable in taxable income

c. $10,200 is includable in taxable income

d. $6,400 is includable in taxable income

e. None of the above

19) All the following are examples of non-taxable income, except

Select one:

a. Proceeds received as the beneficiary of a life insurance contract due to the death of the insured

b. Income from illegal activities

c. Shares of stock received as an inheritance

d. Cash received as a gift

e. All of these are non-taxable

20) Darin works as a bartender and received $19,500 in regular wages, $800 in overtime wages, $1,200 in tips he reported to his employer, and a bonus of $500. He also received tickets to a baseball game worth $48 as a tip that he did not report to his employer. How much will be the amount on Darin's Form W-2, box 1?

Select one:

a. $22,048

b. $22,000

c. $21,500

d. $20,800

21) Murphy is a self-employed plumber. He receives cash or checks from some of his customers with a total of $6,500 in his ledger, and a Form 1099-K from the credit card processor for the amount of $3,010. In 2020 he did some work for ABC Corp. and received a Form 1099-NEC in the amount of $2,800. What is the amount of gross receipts Murphy will report on his Schedule C?

Select one:

a. $6,500

b. $9,510

c. $12,310

d. $9,300