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Indicate the character of the following income item: W-2 wages OLT capital/Qualified Dividend. Excluded from federal income tax. Ordinary. Indicate the character of the following income item: Life insurance proceeds Excluded from federal income tax. Ordinary. LT capital/Qualified Dividend. Tax-deferred income is best defined as: Income included in gross income in the current year and taxed at the ordinary rates per the tax rate schedules. Gains (or losses) on investments or personal use assets that may be taxed at favorable rates. Income realized during the year that is not included gross income until a later year. Income realized during the year that is excluded from gross income and never taxed