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  1. business
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  3. determine if the following are included or exclude

Determine if the following are included or excluded from gross income (assume the tax year...

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Question

Accounting

Determine if the following are included or excluded from gross income (assume the tax year is 2021).

- A. B.

Julia was awarded a $500 cash prize at a charity raffle.
- A. B.

Sam is the sales manager of a successful car dealership. Sam was awarded a free new car for exceeding this years sales forecast.
- A. B.

Unemployment compensation.
- A. B.

Interest earned on municipal bonds.
- A. B.

Gain on the sale of municipal bonds
- A. B.

Qualified dividend income.
- A. B.

$50 million inheritance from a rich uncle.
- A. B.

Compensatory damages received for loss of arm due to an industrial accident.
- A. B.

Punitive damages received for loss of arm due to an industrial accident.
- A. B.

$3,0000 employer contribution to an employee's health savings account.
- A. B.

Julia was awarded a $500 cash door prize at a charity dinner but declined to accept the money.

A.

Included

B.

Excluded

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