Which one of the following items is not considered gross income for tax purposes?
A) gambling winnings
B) illegal income
C) face amount of life insurance received due to the death of the insured
D) cash dividends
Correct Answer:
Verified
Q2: In common law states,all income is split
Q3: Under the tax concept of income,all realized
Q4: Gross income may be realized when a
Q5: The wherewithal-to-pay concept provides that a tax
Q6: Ellen,a CPA,prepares a tax return for Frank,a
Q7: Gross income is limited to amounts received
Q8: Earnings of a minor child are taxed
Q9: In community property states,income from separate property
Q10: AAA Corporation distributes an automobile to Alexandria,a
Q11: The portion of a taxpayer's wages that
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