Which of the following items are exclusions from gross income? a. Alimony payments received. b. Damages award
Question:
Which of the following items are exclusions from gross income?
a. Alimony payments received.
b. Damages award received by the taxpayer for personal physical injury-none were for punitive damages.
c. A new golf cart won in a church raffle.
d. Amount collected on a loan previously made to a college friend.
e. Insurance proceeds paid to the taxpayer on the death of her uncle-she was the designated beneficiary under the policy.
f. Interest income on City of Chicago bonds.
g. Jury duty fees.
h. Stolen funds the taxpayer had collected for a local food bank drive.
i. Reward paid by the IRS for information provided that led to the conviction of the taxpayer's former employer for tax evasion.
j. An envelope containing $8,000 found (and unclaimed) by the taxpayer in a bus station.
Step by Step Answer:
South Western Federal Taxation Individual Income Taxes 2017
ISBN: 9781305873988
40th Edition
Authors: William H. Hoffman, David M. Maloney, William A. Raabe, James C. Young, Nellen