Business, 18.03.2021 01:40 sarah8479

Indicate the proper federal income tax treatment of the item on an individual income tax return. Question 27 options:

Value of a trip to Hawaii won on Wheel of Fortune last summer.

Alimony paid by professional golfer to deadbeat ex-husband who is unemployed.

State and local property taxes paid on a personal residence.

Huge amount of tips received at your part-time job waiting tables at Whitehouse-Crawford.

Regular Individual Retirement Account (IRA) contribution paid during the current year.

Tuition and fees paid by parents to cover their children's academy costs.

Interest income from a College Place water system bond.

Life insurance proceeds resulting from the death of your spouse.

Cost of commuting to and from work in Kennewick.

Money inherited from a stranger whom you befriended 10 years ago in Seattle.

1.
IN = Included in Gross Income

2.
EX = Excluded from Gross Income

3.
AG = Deducted in Arriving at Adjusted Gross Income

4.
DE = Deducted from Adjusted Gross Income

5.
ND = Not Deductible in Computing Taxable Income.

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Indicate the proper federal income tax treatment of the item on an individual income tax return. Qu...

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