AC256 Federal Tax Unit 3 Quiz

AC256 Federal Tax Unit 3 Quiz - 1. Which one of the...

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Unformatted text preview: 1. Which one of the following items is not considered gross income for tax purposes? (Points : 2) gambling winnings illegal income face amount of life insurance received due to the death of the insured cash dividends 2. Frasier and Marcella, husband and wife, file separate returns. Frasier and Marcella live in a community property state that considers separate property income to be separate. Frasier's salary is $42,000 and Marcella's salary is $46,000. Marcella receives dividend income of $4,000 from stock inherited from her parents. Frasier receives interest income of $1,000 from bonds purchased with his salary after marriage. Frasier and Marcella receive $3,200 dividend income from stock they purchased jointly. Marcella's income would be (Points : 2) $50,000 $50,100 $51,100 $51,600 3. Bill and Hillary, husband and wife, file separate returns. Bill and Hillary live in a community property state that considers separate property income to be community income. Bill's salary is $82,000 and Hillary's salary is $80,000. Hillary receives dividend income of property income to be community income....
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AC256 Federal Tax Unit 3 Quiz - 1. Which one of the...

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