Lesson_3

Lesson_3 - Q3. All items except b are inclusions in gross...

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Q3. All items except b are inclusions in gross income. B is non-taxable return of capital a. Funds the taxpayer embezzled from her employer b. A damage deposit the taxpayer recovered when he vacated the apartment he had rented c. Interest received by the taxpayer on an investment in bonds issued by Ford motor company d. Gratuitities left by customers-the taxpayer is a bartender e. Amounts received by the taxpayer, a baseball “Hall of Famer”, for autographing sports equipment. (e.g. balls, gloves) f. As her employer’s leading salesperson, the taxpayer is awarded an all-expensed-paid trip to Spain g. Jury duty fees received Q4. a. exclusions from gross income b. One-third potion for personal injury is exclusion from gross income, two-third potion for punitive damages is an inclusion c. Exclusion from gross income d. Scholarship covers tuition is exclusion from gross income, scholarship covers room and board is an inclusion e. Inclusion in gross income f. Exclusion from gross income
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This note was uploaded on 12/19/2009 for the course ACCT 3221 taught by Professor Armentor during the Spring '08 term at LSU.

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Lesson_3 - Q3. All items except b are inclusions in gross...

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