Indicate whether the following items are Included in or Excluded from gross income. a. Alimony payments...
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Indicate whether the following items are "Included in" or "Excluded from" gross income. a. 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. C. e. Insurance proceeds paid to the taxpayer on the death of her uncle-she was the designated beneficiary under the policy. f. g. h. Interest income on City of Chicago bonds. Jury duty fees. Stolen funds the taxpayer had collected for a local food bank drive. 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. ▶ ▶ Indicate whether the following items are "Included in" or "Excluded from" gross income. a. 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. C. e. Insurance proceeds paid to the taxpayer on the death of her uncle-she was the designated beneficiary under the policy. f. g. h. Interest income on City of Chicago bonds. Jury duty fees. Stolen funds the taxpayer had collected for a local food bank drive. 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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The list of items is as follows a Alimony payments received relates to a divorce settlemen... View the full answer
Related Book For
Federal Taxation 2016 Comprehensive
ISBN: 9780134104379
29th Edition
Authors: Thomas R. Pope, Timothy J. Rupert, Kenneth E. Anderson
Posted Date:
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