CHAPTER 4 QUIZ GRADED

CHAPTER 4 QUIZ GRADED - CHAPTER 4 QUIZ GRADED 1....

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CHAPTER 4 QUIZ GRADED 1. phft24i 1.4-35 Which of the following is not  excluded from income? (Assume that any am taxpayer were kept.)  Student  Response Value Correct Answer Feedback A.  life insurance  proceeds paid  by reason of  death. 0% B.  public  assistance  payments. 0% C.  fair market  value of prize  won on a  game show. 100% D.  gifts and  inheritances. 0% Score: 1/1  Comments: 2. phft24i 1.4-36 During the year, Cathy received the following: ∙ Dividends of $4,000 from Lindsay corporation. Cathy's father owned the corporation to send the dividends to Cathy. ∙ A car worth $30,000 for being the 100 th  customer at a car dealership. ∙ $5,500 cash gift from her uncle. ∙ $10,000 inheritance from her grandmother. What amount must Cathy include in gross income?  Student  Response Value Correct Answer Feedback A.  $49,500 0% B.  $30,000 100%
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Student  Response Value Correct Answer Feedback C.  $34,000 0% D.  $39,500 0% Score: 1/1  Comments: 3. phft24i 1.4-37 Mae Li is beneficiary of a $70,000 insurance policy on her father's life. Up receive the proceeds in installments from the insurance company that ca $16,000 per year for five years. What are the tax consequences each yea Student  Response Value Correct Answer Feedback A.  All $16,000  each year is  taxable. 0% B.  $2,000 of  the $16,000  payment is  taxable each  year. 100% C.  There is no  taxable  income. 0% D.  $10,000  interest is  taxable in  the first year. 0% Score: 1/1  Comments: 4. phft24i 1.4-38 Britney is beneficiary of an $150,000 insurance policy on her father's life. to receive the proceeds in five yearly installments of $32,000 or may take
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Student  Response Value Correct Answer Feedback A.  $10,000  interest is  taxable in  the first year. 0% B.  The lump  sum  payment is  taxable. 0% C.  All $32,000  each year is  taxable. 0% D.  There is no  taxable  income. 100% Score: 1/1  Comments: 5. phft24i 1.4-39 Rebecca is the beneficiary of a $500,000 insurance policy on her husban $52,000 per year for 10 years rather than receive the entire amount in a l received each year  Student  Response Value Correct Answer Feedback A.  $5,000 per 
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CHAPTER 4 QUIZ GRADED - CHAPTER 4 QUIZ GRADED 1....

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