Tax HW chap 3 all - Jackie Davalos 3 Which of the following...

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Personal Financial Planning
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Chapter 3 / Exercise 3-7
Personal Financial Planning
Billingsley/Gitman
Expert Verified
Jackie Davalos3) Which of the following items can be inclusions in gross income?a.During the year, shares of stock that the taxpayer had purchased as a investment doubled in value.a.no b.Amount an off-duty motorcycle police officer received for escorting a funeral procession. a.yesc.While his mother Shirley was in the hospital, the taxpayer sold Shirley’s jewelry and gave the money to his girlfriend Serena. yesd.Child support payments received. a.noe.A damage deposit the taxpayer recovered when he vacated the apartment he had renteda.No f.Interest received by the taxpayer on an investment in bonds issued by IBM. a.yesg.Amounts received by the taxpayer, a baseball “Hall of Famer,” for autographing sports equipment.a.yesh.Jury duty fees receiveda.yesAnswer: B. Amount an off-duty motorcycle police officer received for escorting a funeral procession. F. Interest received by the taxpayer on an investment in bonds issued by IBM. G. Amounts received by the taxpayer, a baseball “Hall of Famer,” for autographing sports equipment. 4) Which of the following items can be exclusions from gross income? a. Alimony payments received. includedb)Award received by the taxpayer for punitive damages. IncludedC A new golf cart won in a church raffle. includedd Amount collected on a loan previously made to a college friend.no e Insurance proceeds paid to the taxpayer on the death of her uncle she was the designated beneficiary under the policy. Not includedf. Interest income on City of Miami bonds. nog. Scholarship award that covers the taxpayer’s college tuition.
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Chapter 3 / Exercise 3-7
Personal Financial Planning
Billingsley/Gitman
Expert Verified
noh Reward paid by the IRS for information provided that led to the conviction of the taxpayer’s former employer for tax evasion. Answer:e. Insurance proceeds paid to the taxpayer on the death of her uncle she was the designated beneficiary under the policyg. Scholarship award that covers the taxpayer’s college tuition.i. A “store refund” of $200 that the taxpayer received when she discovered an overcharge on the purchase of home appliances.b.yesi.A “store refund” of $200 that the taxpayer received when she discovered an overcharge on the purchase of home appliances. a.noj.Rare coins worth $8,000 found in an old trunk purchased by the taxpayer at a garage sale. Yes

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