17. Which of the following statements is correct? a. Stock dividends are distributions made by a corporation of another corporation's stock b. In computing basis for new stock received as a result of a nontaxable dividend, it is immaterial whether the stock received is identical or not to the old stock. c. If a stock dividend is taxable, the basis of the old stock does not change. d. If you receive nontaxable stock rights and allow them to expire you have a tax- deductible loss. 18. With regard to stock dividends, all of the following statements are correct except: a. Stock dividends are distributions made by a corporation of its own stock. b. In computing basis for new stock received as a result of a non-taxable dividend, it is immaterial whether the stock received is identical or not to the old stock. c. If a stock dividend is taxable, the basis of the old stock does not change. d. If a stock dividend is not taxable, a division must be made in the basis between the old and new stock. 19. Which of the following items is not taxable? a. Interest on U.S. Treasury bills, notes, and bonds issued by an agency of the United States b. Interest on federal income tax refund c. Interest on New York State bonds d. Discount income in installment payments received on notes bought at a discount e. Amount received from a condemning authority to compensate for a delay in paying award an 20. All of the following are included in gross income for federal tax purposes, except: a. Interest from School District Bonds b. Illegal income c. Alimony d. Christmas Bonus