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Answered: - Determine all items that will be EXCLUDED from gross incom


Determine all items that will be EXCLUDED from gross income. In a MS Excel spreadsheet, list all excluded items in column A. In column B, explain why the item is excluded. You may reference the specific tax law, the text (make sure you include the page number), or a link to another trusted source.


Two years ago, the taxpayer loaned a friend $2000. The friend has filed for bankruptcy this year and will not be able to repay?

Earned $100 interest on county municipal bonds

Found a diamond worth $1000 on the ground

Received $500 in death benefits fron Brian's father

Received $4,000 court settlement. $1,000 was punitive damanges.

Brian paid $400/month in child support

Received a $1000 gift from his brother

Sheila won $100 playing bingo

Brian paid $200/month in alimony to his ex-wife

Sheila received a $1000 gift from her mother

Sheila spent $300 on supplies for her classroom

 


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