8. Kenton has assets of $250,000 and liabilities of $500.000. One of his debtors forgives $100,000 $100,000 is excluded from Kenton's gross income? (Page 4-20) 000. One of his debtors forgives $100,000 of debt. How much of the a. $ -0- b. $ 25,000 c. $ 50,000 d. $100,000 9. Which of the following is not excluded from gross income? (p 3-15) a. Medical insurance provided by an employer b. Workers' compensation benefits c. Cash award for safety achievement d. Life insurance proceeds 10. James is injured when the ski lift in which he is riding collaneae The ski lift operator's insurance pays him $6,000 formica Tembursement. $7,000 for lost wages while recovering, and $20,000 in punitive damages for negligence on the part or cu How much of the proceeds are included in James' gross income? a. b. c. d. S-0- $33,000 $27,000 $20,000 11. Interest received from which of the following would be excluded from gross income? a. City of Dallas bonds b. City of London, England, bonds c. General Motors OID bonds d. General Motors market discount bonds