true or false

1. The fair market value of inherited property is included in the gross income of the beneficiary.

2. Adjustments to income reported on Form 1040 are deductions from gross income to arrive at AGI.

3. Occasional use of the copy machine is an example of a no-additional-cost services fringe benefit.

4. Taxpayers may make nondeductible contributions to traditional IRAs in excess of the annual limits without incurring a penalty.