Which of the following items are exclusions from gross income? a. Alimony payments received. b. Damages award

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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.

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Related Book For  book-img-for-question

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

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