Lebron received $56,400 of compensation from his employer and he received $645 of interest from a municipal bond. What is the amount of Lebron's gross income from these items?
A)$0.
B)$645.
C)$56,400.
D)$57,045.

Question

Quizplus · Accepted Answer

Gross income includes all income from whatever source derived, except for items specifically excluded by law. Interest from municipal bonds is typically excluded from gross income, so only the $56,400 of compensation is included in Lebron's gross income.

Lebron Received $56,400 of Compensation from His Employer and He