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Please answer all question. True Or False 1. 2. 3. Damages received on account of personal injuries or sickness are excluded from an individual's gross
Please answer all question.
True Or False
1. 2. 3. Damages received on account of personal injuries or sickness are excluded from an individual's gross income. The constructive receipt doctrine applies only to cash basis taxpayers. An individual whose student loan balance has been discharged because the individual performed qualifying work as a physician in a rural area must report the debt forgiveness amount as income on Form 1040 for the year of the loan discharge. A distribution of a corporation's convertible preferred stock to its own shareholders cannot qualify for exclusion from the gross income of the recipients. Income is taxed to the individual who earned it, even if the right to receive the income has been 4. 5Step by Step Solution
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