Question
a. Red, Inc. provides group term life insurance to all of its employees. Susan, a vice-president, received $200,000 of coverage for the year. The Uniform
a.
Red, Inc. provides group term life insurance to all of its employees. Susan, a vice-president, received $200,000 of coverage for the year. The Uniform Premiums (based on Susan's age) are $.15 per month for $1,000 of protection. How much of this must Susan include in gross income this year?
$0 | ||
$360.00 | ||
$270.00 | ||
$280.00 |
b.
George, an unmarried taxpayer, received the following amounts during 2021:
Interest on savings account; $2,400
5% stock dividend on IBM stock. George received 20 shares. FMV of the shares is $800.
Cash dividends on USG common stock $200
Interest on City of Radford school bonds $600
What amount should George report as gross income, after exclusions if any, from dividends and interest for 2021?
$4,300 | ||
$3,900 | ||
$3,400 | ||
$2,600 |
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