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INCOME INCLUSION/EXCLUSION Determine whether each of the following items listed below should be INCLUDED or EXCLUDED...

INCOME INCLUSION/EXCLUSION

Determine whether each of the following items listed below should be INCLUDED or EXCLUDED from gross income.

  1. Gambling Winnings - BLANK-1
  2. Partnership Share from Drug Selling - BLANK-2
  3. Car received as graduation present - EXCLUDED
  4. Child Support Payments - EXCLUDED
  5. Salary "off the books" - BLANK-5
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Answer #1

Gambling Winnings : Any income from GAmbling Winnings are treated as the taxable income and the fair value of the winnings is included in the Gross income - INCLUDED

Partnership Share from Drug Selling: Though the income is generated from illegal source, it is treated as legitimate income which is taxed and included in gross income - INCLUDED

Car received as graduation present : The gifts which is received on graduation which is something value and nothing is expected in return is not considered as an income and is not included in Gross income - EXCLUDED

Child Support Payments: Any child support payments received after 2018 is not included in gross income - EXCLUDED

Salary "off the books": All the Salary which is earned for the year are to be taxable and included in the Gross income. An of such acts will attract fines, penalties and even jail. - INCLUDED

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