1-Social security benefits may be taxable or non-taxable but no more than 85% of the social security benefits received will be taxed.

	True
	False

2-Which of the following damage awards is not taxable?

	punitive damages
	damages for injuries or sickness
	damages for lost wages
	damages for injury to reputation

3-Which of the following loans, if bearing either no interest or below market interest, may require interest income to be imputed to the lender?

	Loans from corporations to shareholders
	Loans from individuals to other individuals
	Loans from employers to employees
	All of these loans may require imputation of interest to the lender