freviewques6

freviewques6 - Federal Income Tax Prof. Infanti Review...

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Federal Income Tax Prof. Infanti Review Questions (Set No. 6) 1. Which of the following is not excluded from a taxpayer’s gross income? a. A tortfeasor’s reimbursement of lost wages due to physical injuries suffered in an automobile accident. b. A tortfeasor’s reimbursement of previously deducted medical expenses attributable to physical injuries suffered in an automobile accident. c. A birthday gift made by a father to his son, who is both the taxpayer and employed by the father in the family business. d. The appreciation in the taxpayer’s IBM Corp. stock between January 1 and December 31. e. None of the above.
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Federal Income Tax Prof. Infanti 2. Which of the following items is not required to be capitalized? a. The cost of acquiring a building with a useful life substantially beyond the taxable year. b. Incidental expenses to maintain or repair property owned by the taxpayer that has a useful life substantially beyond the taxable year. c.
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freviewques6 - Federal Income Tax Prof. Infanti Review...

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