Items that generally may be excluded by businesses from gross income are:

Question

Quizplus · Accepted Answer

Debt cancellation (under bankruptcy proceedings) and contributions to capital are generally excluded from gross income. Additionally, leasehold improvements may be excluded if they are made by the lessee but not in lieu of rent. However, lease cancellation payments are not excluded unless the lease is cancelled under bankruptcy proceedings. Therefore, choices A, B and C are incorrect.

Items That Generally May Be Excluded by Businesses from Gross