Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time student from the university where enrolled. 7. $500,000 of life insurance policy proceeds received by a wife on account of the death of her husband. 8. $1,200 scholarship received by full time student for travel in connection with a semester abroad. 9. $8,000 of meals and lodging value received by an employee from his employer while the employee is working on an off-shore oil rig in the Gulf of Mexico owned by the employer. 10. $250,000 in a compensatory damage award received from the insurance company of the drunk driver who hit your car. Award is for your physical injury (two broken legs suffered in car accident) and for loss of your income since you were prevented from working during rehab. 11. $80,000 of debt cancellation received by a taxpayer who was declared bankrupt by the courts. 12. $1,000 birthday gift received from your generous Uncle Joe 13. $100,000 for compensatory damages when your next door neighbor slandered your reputation and good name. 14. $100,000 of accelerated death benefits received from a life insurance policy by a chronically ill taxpayer who uses the funds to take her family to Disney World. 15. $500 interest income from a bond issued by the PA Turnpike Commission. 16. $130 monthly public transit pass paid for by taxpayer's employer. 17. $50 of interest income on United States Government savings bond. 18. Discharge of $50,000 in credit card debt due to bankruptcy of taxpayer. 19. $200 gift card for Chipotle received by employee from employer Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the item described should be INCLUDED IN or EXCLUDED FROM the Gross Income of the taxpayer who receives the item. Darken Box A on the Scantron sheet if the item should be INCLUDED IN gross income Darken Box B on the Scantron sheet if the item should be EXCLUDED FROM gross income 6. $25,000 scholarship for tuition and books received by a full-time student from the university where enrolled. 7. $500,000 of life insurance policy proceeds received by a wife on account of the death of her husband. 8. $1,200 scholarship received by full time student for travel in connection with a semester abroad. 9. $8,000 of meals and lodging value received by an employee from his employer while the employee is working on an off-shore oil rig in the Gulf of Mexico owned by the employer. 10. $250,000 in a compensatory damage award received from the insurance company of the drunk driver who hit your car. Award is for your physical injury (two broken legs suffered in car accident) and for loss of your income since you were prevented from working during rehab. 11. $80,000 of debt cancellation received by a taxpayer who was declared bankrupt by the courts. 12. $1,000 birthday gift received from your generous Uncle Joe 13. $100,000 for compensatory damages when your next door neighbor slandered your reputation and good name. 14. $100,000 of accelerated death benefits received from a life insurance policy by a chronically ill taxpayer who uses the funds to take her family to Disney World. 15. $500 interest income from a bond issued by the PA Turnpike Commission. 16. $130 monthly public transit pass paid for by taxpayer's employer. 17. $50 of interest income on United States Government savings bond. 18. Discharge of $50,000 in credit card debt due to bankruptcy of taxpayer. 19. $200 gift card for Chipotle received by employee from employer
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
It is July 1, 2023, Jim and Pam Halpert have just left your office after their first interview with you. In preparation for the interview, you had sent them a list of the various documents that they...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
The following question is designed to highlight key concepts from the Loyalty Programs topic article titled, "StarBUCKS, Loyalty, and Breakage" (Nevraumont 2019). Q. Author's position. "If you hire...
-
Total 2005 CEO compensation for the largest U.S. companies by revenue is reported in the following frequency distribution, along with some summary statistics. Total compensation includes salary,...
-
At a particular location in a counter current gas absorber, the mole fraction of the transferring species (solute A) in the gas phase is 0.030, and the mole fraction of this species in the liquid...
-
In December 2008, Jason Garcia signed a motor vehicle sales contract with Mac Haik Dodge Chrysler Jeep, a dealer. In the contract, Garcia agreed to purchase a 2009 Dodge Ram 1500. The contract...
-
Select the graph that matches the numbered manufacturing cost data. Indicate by letter which graph best fits the situation or item described. The vertical axes of the graphs represent total cost and...
-
Downsizing 1. In the trailer, Matt Damon and Kirsten Wigg are told that their $52,000 will be worth 12.5 million dollars in Leisure Land. Use a proportion to calculate how much $100,000 would be...
-
Consider the matrices X = -36 4 24 -16 y || = -9 0 -3 7 W = 0 1 16 + h -11 For what value of h is the set {x, y, w} linearly dependent?
-
a debt of $4,000 due five years from now and $4,000 due ten years from now is to be repaid by a payment of $2,000 in two years, a payment of $3,000 in four years, and a final payment at the end of...
-
Discuss one of the issues that concerns you about healthcare in America. OUtline the issue as well as provide examples of what concerns you about the issue.
-
On January 1, 2023, Company A purchased a machine for $100,000 with an estimated useful life of 5 years and a residual value of $10,000. The company uses the straight-line depreciation method. On...
-
Uber has recently introduced a subscription business model known as Uber One. Uber operates in three market segments: mobility, delivery and freight, outline what each of these operations involves,...
-
Critically reflect on the skills and knowledge you have acquired and, on the teamwork, you developed for the needs of the module. How will such experience assist you in collaborating with a diverse...
-
A 125 x 95 x 10 mm angle is joined to a frame by two parallel fillet welds along the edges of 150 mm leg. The angle is subjected to a tensile load of 180 kN. Find the lengths of weld if the...
-
Trade credit from suppliers is a very costly source of funds when discounts are lost. Explain why many firms rely on this source of funds to finance their temporary working capital.
-
Karim Depak received a Form 1099-B showing the following stock transactions and basis during 2012: None of the stock is qualified small business stock. Calculate Karim's net capital gain or loss...
-
During 2012, Tom sold Sears stock for $10,000. The stock was purchased 4 years ago for $13,000. Tom also sold Ford Motor Company bonds for $35,000. The bonds were purchased 2 months ago for $30,000....
-
Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the...
-
A gene is a segment of DNA that contains the information to produce a functional product. The functional product of most genes is a. DNA. b. mRNA. c. a polypeptide. d. none of the above.
-
Which of the following is not a constituent of a cells proteome? a. An enzyme b. A cytoskeletal protein c. A transport protein in the plasma membrane d. An mRNA
-
The function of the genetic code is to a. promote transcription. b. specify the amino acids within a polypeptide. c. alter the sequence of DNA. d. do none of the above.
Study smarter with the SolutionInn App