If $20,000 of credit card debt is cancelled for a borrower, the $20,000 would be:...

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Accounting

If $20,000 of credit card debt is cancelled for a borrower, the $20,000 would be:
a. non-taxable income
b. taxable income
c. deferred income until the next tax year
d.50% taxable
If an employee receives tuition assistance from their employer, how much is not considered taxable income in the current tax year?
a. $4,700
b. $5,250
c. $6,500
d. $13,850
If there is interest income and/or dividend income exceeding $1500, the taxpayer would be required to file which form with the 1040?
a. Schedule B
b. Schedule C
c. Schedule 1
d. Schedule R
Original Issue Discounts (OIDs) on bonds held for investment:
a. Increase interest income for tax purposes
b. Decrease interest income for tax purposes
c. Have no impact on interest income for tax purposes.
d. None of the above.
John withdrew $16,000 from a 529 plan for his 12-year-old son, John Jr. John Jr. is in 6th grade and attends a pr middle school. Assuming that the $16,000 is all earnings in the 529 plan, how much of the distribution would be considered taxable income?
a. $6,000
b. $16,000
. $0
. $8000
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