Which of the following statements concerning prizes and awards is/are correct?
I.Most all prizes and awards are exempt from taxation.
II.Employee awards of tangible, personal property for length of service are at least partially excludable.
III.Any prize or award received can be excluded if it is given to a governmental or charitable organization.
IV.Employee awards for safety achievements are always excluded from income.

A)Only statement I is correct.
B)Only statement II is correct.
C)Only statements II and III are correct.
D)Only statements I and IV are correct.

Question

Which of the following statements concerning prizes and awards is/are correct?
I.Most all prizes and awards are exempt from taxation.
II.Employee awards of tangible, personal property for length of service are at least partially excludable.
III.Any prize or award received can be excluded if it is given to a governmental or charitable organization.
IV.Employee awards for safety achievements are always excluded from income.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Only statements II and III are correct.
D)Only statements I and IV are correct.

Quizplus · Accepted Answer

Employee awards of tangible, personal property for length of service are at least partially excludable from income under certain conditions. Other statements are incorrect as prizes and awards are generally taxable unless specific exclusions apply, and not all safety achievement awards are excluded.

Which of the Following Statements Concerning Prizes and Awards Is/are