Particulars |
A Included |
B Excluded |
6. $25,000 Scholarship for Tuition & Books received by a fulltime Student from the University where Enrolled |
||
7. $5,00,000/- of Life Insurance Policy proceeds received by a Wife on account of death of Her Husband |
||
8. $1,200 Scholarship received by fulltime student for travel in connection with a semester abroad |
||
9. $8,000 of meals and lodging received from an employee from his employer while employee is working on an offshore oil rig in the gulf of mexico owned by the employer |
||
10. $2,50,000 in a compensatory 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 a car accident) and loss of your income since you were prevented from working during rehab |
||
11. $80,000 of debt cancellation received by a tax payer who was declared bankrupt by the court |
||
12. $1,000 Birthday gift from your generous Uncle Joe |
||
13. $1,00,000 for compensatory damage when your next door neighbor slandered your reputation and good name |
||
14. $1,00,000 of accelerated death benefits received from a life insurance company by a chronically ill tax payer who uses the fund to take care her family to disney world |
||
15. $500 interest income from bond issued by PA turnpike commission |
||
16. $130 Monthly public transit pass paid for by taxpayers employer |
||
17.$50 interest income on US Government saving bond |
||
18. Discharge of $ 50,000 in credit card debt due to bankruptcy of taxpayer |
||
19. $200 gift card for chipotle received from employee to employer |
Part B. Gross Income Inclusions & Exclusions For each Q-6 through Q-19 below, determine whether the...
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...
Which of the following items are inclusions (included) in gross income? During the year, stock that the taxpayer purchased as an investment doubled in value. Amount an off-duty motorcycle police officer received for escorting a funeral procession. While his mother was in the hospital, the taxpayer sold some of her jewelry to help pay for the hospital bills. Child support payments received. A damage deposit the taxpayer recovered when he vacated the apartment he had rented. Interest received by the...
2-32 Chapter 2 . Gross Income and Exclusions are taxable to the the e following might result in life insurance proceeds that a LO 2.6 14. Which of the following might result i recipient? a. A life insurance policy in which the insured is the ite nsurance poliey in which the insured is the son of the taxpayer and d. A life insurance policy purchased by a taxpayer insuring his or her spouse e. A liensurance policy purchased by a...
Indicate whether the following information is included on the 2019 1040 tax return as Gross Income or excluded from the 2019 1040 tax return. Indicate the specific amount included or excluded. Item $ Included as Gross Income $ Excluded from Gross Income Earned $45,000 of gross wages from an employer. Received a gift from a grandparent of $10,000 cash. Received a $5,000 signing bonus from an employer. Received child support in the amount of $12,000. Employer-paid health insurance premiums amounted...
Part A. True/False Determine whether each statement below is True (T) or False (F). Your answers should be recorded on the Scan-Tron answer sheet. Using a No. 2 pencil: • Darken Box A for a True statement • Darken Box B for a False statement 1. Paula and her husband are getting a divorce. In connection with splitting up their assets, Paula transfers stock to her spouse when the fair market value of the stock is $95.000. Paula's tax cost...
What is the taxpayer’s gross income in each of the following situations? Darrin received a salary of $50,000 in 2018 from his employer, Green Construction. In July 2018, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance. Blake received $15,000 from his deceased wife’s employer “to help him in his time of greatest need.” Clint collected...
Enter the taxpayer's gross income for each of the following independent situations. Note: If an amount is zero, enter "0". Taxpayer's Gross Income a. Darrin received a salary of $50,000 in 2018 from his employer, Green Construction. $ b. In July 2018, Green gave Darrin an all-expense-paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. $ c. Megan received $10,000 from her employer to help her pay medical expenses not covered by insurance. $ d. The...
Determine the effect on gross income in each of the following cases: Eloise received $150,000 in settlement of a sex discrimination case against her former employer. Nell received $10,000 for damages to her personal reputation. She also received $40,000 in punitive damages. Orange Corporation, an accrual basis taxpayer, received $50,000 from a lawsuit filed against its auditor who overcharged for services rendered in a previous year. Beth received $10,000 in compensatory damages and $30,000 in punitive damages in a lawsuit...
Please help ASAP! Determine if the following are included or excluded from gross income. Min receives a $20,000 tuition scholarship to attend State University. A. Excluded B. Included Sam receives an automobile worth $65,000 for being the MVP of the Super Bowl. Caitlyn receives $3,000 of unemployment. Nora is covered under a $30,000 group life insurance policy from her employer. The employer paid $120 of premiums on the policy. Mary's father gives her $10,000 so that she can purchase a...
For each of the following independent situations, determine the amount, if any, that the taxpayer must recognize in 2019. a. Ross filed his tax return, properly claiming single filing status. His employer paid or provided the following to Ross: Wages $58,500 Fair market value of qualified dependent care services 4,800 Premiums for $45,000 qualified group term life insurance 1,300 Medical insurance premiums paid by employer 900 What is the amount, if any, that will be...