In an excel sheet determine all items that will be included and excluded from gross income on the Form 1040 or the Form 1120 based on the TCJA of 2018. List all included and excluded items in column A. In column B, explain why the item is either included or excluded.

1. marketing assistant and earned $38,000

2. receives $1,200 per month in alimony

3. rental revenue $50,000

4. rental expenses: insurance $5000 repairs $10500 depreciation $4000

5. interest income from corporate bonds of $2,200

6. interest from municipal bonds of $1,000

7. paid expenses: State income taxes of $5,800, charitable contributions of $12,500, and medical expenses of $5,795 for insurance premiums; $1,100 for medical care expenses; $350 for prescription medicine; $100 for nonprescription medicine; and $200 for new contact lenses

8. received disability insurance payments of $1,200

9. owns small business: total revenue $10,000; office supplies $500; materials and supplies $1050; concerts and field shows $1500; repairs and maintenance of pianos $950; wages to a teaching assistant $1000; payroll taxes $765; business insurance $420; occupational taxes and license $160.

3. rental revenue $50,000