Indicate the proper federal income tax treatment of the item on an individual income tax return.
Question 27 options:
Value of a trip to Hawaii won on Wheel of Fortune last summer.
Alimony paid by professional golfer to deadbeat ex-husband who is unemployed.
State and local property taxes paid on a personal residence.
Huge amount of tips received at your part-time job waiting tables at Whitehouse-Crawford.
Regular Individual Retirement Account (IRA) contribution paid during the current year.
Tuition and fees paid by parents to cover their children's academy costs.
Interest income from a College Place water system bond.
Life insurance proceeds resulting from the death of your spouse.
Cost of commuting to and from work in Kennewick.
Money inherited from a stranger whom you befriended 10 years ago in Seattle.
1.
IN = Included in Gross Income
2.
EX = Excluded from Gross Income
3.
AG = Deducted in Arriving at Adjusted Gross Income
4.
DE = Deducted from Adjusted Gross Income
5.
ND = Not Deductible in Computing Taxable Income.
Answers: 2
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Indicate the proper federal income tax treatment of the item on an individual income tax return.
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