a. (4-4a) Who includes income from personal services in the gross income? b. (4-4b-dividends) To whom are dividends taxed? (e.g., when a taxpayer sells stock after dividend has been declared but before the record date) How is it different for a sale and a gift? (4-5a) How are gains and losses from property transactions recognized for tax purposes? a. How do you calculate realized gain or loss? How are they recognized? b. How are the net capital gain/loss taxed for individuals? For C corporations? (You don't have to know the capital gain/loss netting process for this exam.) (4-5b) What is the tax treatment of interest on state and local government obligations? (Remember that the exempt status applies solely to state and local government bonds.) What is the tax treatment of interest on U.S. government obligations