47. The following items were received by an individual taxpayer as court awards and damages. All of the following are included in gross income EXCEPT: a. Compensation for lost wages b. Compensatory damages for personal physical injury c. A damage award for a breach of contract d. Interest income on a damage award for a breach of contract 48. Maria is age 25. She has interest income of $3,000. How much of Maria's income can be claimed on her parents' return? a. $0 b. $1,000 c. $2,000 d. $3,000 49. The price at which property would change hands in an arm's length transaction is called... a. Fair market value b. Sale price c. Carrying value d. Book value 50. The standard deduction for a married taxpayer who files a separate return if her/his partner (spouse) itemizes her/his deductions is: a. $0 b. Half of the standard deduction for both c. One third of the standard deduction for both d. $25,100