The exclusion for interest earned on U$.$S$.$ savings bonds used to finance higher education of the taxpayer is available only to the individual who purchased the bond.

An individual's excess capital loss amount may be carried over only for a period of five years.

The constructive receipt doctrine only applies to cash basis taxpayers.

The additional standard deduction for age will be allowed for an individual who dies before attaining age of $65$ if the individual would have been age $65$ before the close of the year of death.

If boot is received in an otherwise qualifying like$-$kind exchange, the transaction will no longer qualify for exclusion.

A cash basis taxpayer who writes off a $$400$ account receivable as a bad debt may claim a deduction on Form $1040$ in the year of the write$-$off.

A kickback or bribe is never deductible, even if the taxpayer can show that the payment meets the IRC $162$ tests for deductibility such as being both ordinary and necessary.