Question: a. c. Discussion Question 3-3 (LO. 1) Indicate whether the following items are Included in or Excluded from gross income. Alimony payments received (relates to

 a. c. Discussion Question 3-3 (LO. 1) Indicate whether the following

a. c. Discussion Question 3-3 (LO. 1) Indicate whether the following items are "Included in" or "Excluded from" gross income. Alimony payments received (relates to a divorce settlement in 2016). b. Damages award received by the taxpayer for personal physical injury,none were for punitive damages. A new golf cart won in a church raffle. d. Amount collected on a loan previously made to a college friend. 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. e

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!