using 2021 tax year

52. LO4 Classify the following items as ordinary income, a gain, or an exclusion: a. The gross revenues of $160,000 and deductible expenses of $65,000 of an individual's consulting business b. Interest received on a checking account Sale for $8,000 of Kummel Corporation stock that cost $3,000 d. Receipt of $1,000 as a graduation present from grandfather c. Royalty income from an interest in a gold mine C