Life insurance proceeds received by reason of someone's death are excluded from taxable income unless the proceeds were payable to the beneficiary to payoff a commercial debt in case of death or the proceeds were intended to compensate someone for services during the lifetime of the deceased. True False Which of the following payments for damages may be excluded from taxable income? PICK ALL THAT APPLY!! Damages for lost wages as a result of a car accident Damages for injuries as a result of a car accident Punitive damages Workers compensation payments Qualified Employee Benefits are limited to those specified by the tax law usually cannot discriminate and must be available generally to all full time employees at least after a waiting period Both of the above are true Neither of the above are true A scholarship is taxable income to the extent that the scholarship pays for tuition room and board books required fees In order for free lodging to be excluded from taxable income, the lodging must be Provided by the employer on the employer's premises For the employer's convenience Required as part of the job all of the above