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Author Question: Which of the following items will result in an increase in gross income? (Read 37 times)

panfilo

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on: Sep 13, 2020

Question 1

"Gross income" is a key term in the tax law and is defined in IRC Sec. 61.  However, gross income is not reported on Form 1040.
◦ true
◦ false

Question 2

Which of the following items will result in an increase in gross income?
◦ Receipt of a $10,000 check from the bank. The check is for a student loan.
◦ Receiving a $10,000 award from a university for high grades and high SAT scores. The award is used to pay tuition.
◦ Preparing a mechanic's tax return in exchange for the mechanic replacing the muffler on your car.
◦ None of these will be included in gross income.
Federal Taxation 2017 Individuals ¦ Pope, Rupert, Anderson ¦ 30th Edition
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Marked as best answer by panfilo on Sep 13, 2020

josephsuarez

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Reply #1 on: Sep 13, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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panfilo

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Reply 2 on: Sep 13, 2020
Excellent

Liamb2179

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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