Indicate whether each of the items listed below would be included (I) in or excluded (E) from

Question:

Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2016 tax year.

__________ a. Welfare payments

__________ b. Commissions

__________ c. Hobby income

__________ d. Scholarships for room and board

__________ e. $300 set of golf clubs, an employee award for length of service

__________ f. Severance pay

__________ g. Ordinary dividend of $50

__________ h. Accident insurance proceeds received for personal bodily injury

__________ i. Inheritances

__________ j. Gifts

__________ k. Tips and gratuities

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...