Which of the following items will result in an increase in gross income?
A) Receipt of a $10,000 check from the bank.The check is for a student loan.
B) Receiving a $10,000 award from a university for high grades and high SAT scores.The award is used to pay tuition.
C) Preparing a mechanic's tax return in exchange for the mechanic replacing the muffler on your car.
D) None of the above will be included in gross income.
Correct Answer:
Verified
Q1: Sam received a scholarship for room and
Q3: Dividends on life insurance policies are generally
Q6: While payments received because a person has
Q8: Loan proceeds are taxable in the year
Q11: Awards for emotional distress attributable to a
Q12: Many exclusions exist due to the benevolence
Q14: A taxpayer may avoid tax on income
Q16: Amounts collected under accident and health insurance
Q18: Amounts withdrawn from qualified tuition plans are
Q19: Punitive damages are taxable unless they are
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents