a. Indicate whether the following income sources must be included or may be excluded from gross income and why? Insurance proceeds for loss of finger Prizes Embezzlement proceeds
a. Indicate whether the following income sources must be included or may be excluded from gross income and why? Insurance proceeds for loss of finger Prizes Embezzlement proceeds
Chapter2: Gross Income And Exclusions
Section: Chapter Questions
Problem 1P: Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross...
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a. Indicate whether the following income sources must be included or may be excluded from gross income and why?
- Insurance proceeds for loss of finger
- Prizes
- Embezzlement proceeds
- Interest on all savings deposits
- Child support
- Interest on Series HH bonds
- Receipt of alimony by divorced husband - divorce agreement executed in 2018
- Income produced from property acquired by gift
- Gifts and inheritances
- Scholarship grants for tuition
- Compensation for injuries or sickness
- Interest income on bonds issued by State of Ohio
- Life insurance proceeds from a group plan
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