Which one of the following items is not considered gross income for tax purposes?
A) cash dividends
B) face amount of life insurance received due to the death of the insured
C) illegal income
D) gambling winnings
Correct Answer:
Verified
Q8: Earnings of a minor child are taxed
Q9: In community property states,income from separate property
Q13: For federal income tax purposes,income is allocated
Q19: In community property states,income is generally taxed
Q22: The cash receipts and disbursements method of
Q36: Under the cash method of accounting,income is
Q790: Todd and Hillary, husband and wife, file
Q793: Raoul sells household items on an Internet
Q796: Aaron found a prototype of a new
Q799: Ron and Eve are a married couple
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