Chapter 2 discussion

Chapter 2 discussion - Indicate whether each of the items...

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Unformatted text preview: Indicate whether each of the items listed below would be included (I) in or excluded (E) from gross income for the 2009 tax year. a. Welfare payments b. Commissions c. Hobby income d. Scholarships for room and board E. $300 set of golf clubs, an employee award for length of service f. Severance pay g. Ordinary dividend of $50 h. Accident insurance I. Inheritances j. Gifts k. Tips and gratuities a. E b. I c. I d. E e. E, this is a noncash achievement reward f. I g. I h. E, You must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer i. E, unless the property you receive this way later produces income such as interest, dividends, or rents, that income is taxable j. E k. I If a taxpayer holding Series EE Bonds does not make an election with respect to the taxation of the bonds, how is the...
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Chapter 2 discussion - Indicate whether each of the items...

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