Which one of the following items is not considered gross income for tax purposes?
A) gambling winnings
B) illegal income
C) face amount of life insurance received due to the death of the insured
D) cash dividends
C) face amount of life insurance received due to the death of the insured
Life insurance proceeds are an exclusion item.
You might also like to view...
When an additional partner is admitted to a partnership by contribution of assets to the partnership
a. the total assets of the partnership do not change b. no liabilities can be contributed at the same time c. the amount of the cash contribution is the same as the amount of the debit to the new partner's capital account d. the total of the owner's equity accounts increases
Under the mandates of the Racketeer Influenced and Corrupt Organizations Act (RICO), an individual injured by the racketeering activity of a company can:
A. claim only up to two times the damage plus attorneys' fees. B. claim three times the damage plus attorneys' fees. C. claim four times the damage plus attorneys' fees. D. recover the basic amount lost plus attorneys' fees.
In the feedback loop, feedback refers to
A. the sender's interpretation of the response that indicates whether the message was decoded and understood as intended. B. any unsolicited response from consumers or potential consumers regarding a company's message. C. extraneous factors that can work against effective communication by distorting a message or the feedback received. D. a mutually shared understanding and knowledge the sender and receiver apply to a message so that it can be communicated effectively during the communication process in the message loop. E. the impact the message had on the receiver's knowledge, attitude, or behaviors during the communications process.
The digital form of globalization in the modern era is largely confined to advanced economies with large, multinational corporations.
Answer the following statement true (T) or false (F)