TBS 3- Income Exclusions Calculate exclusions from AGI during the current year for each example using the information below. Enter the appropriate amounts, in the designated cells below. Enter all amounts as positive values. If no entry is necessary, enter a zero (O). Amount excluded Item from AGI 1. The market value of stock that John still held at the end of the year increased by $3,700. 2. Veronica's employer gave her a $500 gift certificate to attend a day spa. 3. Greg, who died last year, had a life insurance policy worth $110,000 that he bought 4 years ago. The beneficiary receives $7,000 annual payments for 20 years. 4. Betty and Fred sold their principal residence for a gain of $150,000 5. Last year, Sharon took the standard deduction. This year, Sharon received a $2,200 state tax refund related to last year