Clay is preparing his federal income tax return. Which of the following items should be...
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Accounting
Clay is preparing his federal income tax return. Which of the following items should be included in Clay's gross income?
Rental payments made to Clay by tenants living in a house that Clay owns.
Interest earned on several municipal bonds that Clay bought five years ago.
$10,000 that Clay received as a gift from his favorite aunt.
Child support payments paid to Clay by his ex-wife.
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