Question

Indicate whether each of the items listed below should be included in gross income or excluded...

Indicate whether each of the items listed below should be included in gross income or excluded from gross income in the current tax year, 2017.
Included Excluded
1 Prizes and awareds
2 Embezzled funds
3 Child support payments
4 Alimony
5 Pensions
6 Inheritances
7 Welfare payments
8 Bequests
9 Jury duty Fees
10 Royalities
11 Life insurance proceeds paid at death
12 Hobby income
13 Rewards
14 Partnership income
15 Casualty insurance proceeds
16 G.I. Bill benefits
17 Scholarships for room and board
18 Business income
19 Gifts

Homework Answers

Answer #1

1 Prizes and awards - included

2 Embezzled funds - included

3 Child support payments - excluded

4 Alimony - included

5 Pensions - excluded

6 Inheritances - excluded

7 Welfare payments - excluded

8 Bequests - included

9 Jury duty Fees - included

10 Royalities - included

11 Life insurance proceeds paid at death - excluded

12 Hobby income - included

13 Rewards - included

14 Partnership income - included

15 Casualty insurance proceeds - excluded

16 G.I. Bill benefits - included

17 Scholarships for room and board - included

18 Business income - included

19 Gifts - excluded

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