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Determine if the following are included or excluded from gross income (assume the tax year is 2021). Julia was awarded a $500 cash prize
Determine if the following are included or excluded from gross income (assume the tax year is 2021). Julia was awarded a $500 cash prize at a charity raffle. [Choose ] Sam is the sales manager of a successful car dealership. Sam was awarded a free new car for exceeding this years sales forecast. [Choose] Unemployment compensation. [Choose] Interest earned on municipal bonds. [Choose ] Gain on the sale of municipal bonds [Choose] Qualified dividend income. [Choose] $50 million inheritance from a rich uncle. [Choose] Compensatory damages received for loss of arm due to an industrial accident. [Choose ] Punitive damages received for loss of arm due to an industrial accident. [Choose]
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