Question

(12. Gross Income Exclusions. (Obj. 1) Indicate, by placing an in he following items is includable in or excludable from gross income. Item te by placing an X in the proper column, wheth Includable Exclude a. Life insurance proceeds paid because of insured's death b. Workers' compensation for a physical injury c. Employer-paid health insurance premiums paid to a non-key, non-highly paid employee d. FMV of automobile won on television game show e. Free parking in employer's lot (valued at $100/month) f. A nonbankrupt taxpayer is forgiven of $1,000 of credit card debt g. Gold necklace received as a gift h. Health resort fee paid for taxpayer by employer

please use the 2019 tax system

Answer 1

Item	Includable	Excludable
a. Life insurance proceeds paid because of insured’s death		X
b. Employer’s compensation for a physical injury		X
c. Employer-paid health insurance premiums paid to a non-key, non-highly paid employee		X
d. FMV of automobile won on television game show	X
e. Free parking in employer’s lot (valued at $100/month)		X
f. A nonbankrupt taxpayer is forgiven of $1,000 of credit card debt	X
g. Gold necklace received as a gift	X
h. Health resort fee paid for taxpayer by employer		X

Winnings from game shows, credit card expenses, Gold necklace received as a gift are includable

Life insurance premium and health insurance premium are excluded.

The qualifying parking if does exceed the limit is excluded