27. Indicate the proper federal income tax treatment of the item on an individual income tax return. 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. Alimony paid by professional golfer to deadbeat ex-husband who is unemployed. Regular Individual Retirement Account (IRA) contribution paid during the current year. 1. IN = Included in Gross Income 2. EX = Excluded from Gross Income Life insurance proceeds resulting from the death of 3. AG = Deducted in Arriving at Adjusted Gross Income your spouse. 4. DE = Deducted from Adjusted Gross Income Cost of commuting to and from work in Kennewick. 5. ND = Not Deductible in Computing Taxable Income. Money inherited from a stranger whom you befriended 10 years ago in Seattle. Interest income from a College Place water system bond. Tuition and fees paid by parents to cover their children's academy costs. Value of a trip to Hawaii won on Wheel of Fortune last summer. > > >
27. Indicate the proper federal income tax treatment of the item on an individual income tax return. 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. Alimony paid by professional golfer to deadbeat ex-husband who is unemployed. Regular Individual Retirement Account (IRA) contribution paid during the current year. 1. IN = Included in Gross Income 2. EX = Excluded from Gross Income Life insurance proceeds resulting from the death of 3. AG = Deducted in Arriving at Adjusted Gross Income your spouse. 4. DE = Deducted from Adjusted Gross Income Cost of commuting to and from work in Kennewick. 5. ND = Not Deductible in Computing Taxable Income. Money inherited from a stranger whom you befriended 10 years ago in Seattle. Interest income from a College Place water system bond. Tuition and fees paid by parents to cover their children's academy costs. Value of a trip to Hawaii won on Wheel of Fortune last summer. > > >
Chapter3: Computing The Tax
Section: Chapter Questions
Problem 38P
Related questions
Question
Transcribed Image Text:27. Indicate the proper federal income tax treatment of the item on an individual
income tax return.
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.
Alimony paid by
professional golfer to
deadbeat ex-husband who
is unemployed.
Regular Individual
Retirement Account (IRA)
1. IN = Included in Gross Income
contribution paid during
the current year.
2. EX = Excluded from Gross Income
Life insurance proceeds
resulting from the death of
3. AG = Deducted in Arriving at
Adjusted Gross Income
your spouse.
4. DE = Deducted from Adjusted
Cost of commuting to and
Gross Income
from work in Kennewick.
5. ND = Not Deductible in Computing
Money inherited from a
stranger whom you
befriended 10 years ago in
Seattle.
Taxable Income.
Interest income from a
College Place water system
bond.
Tuition and fees paid by
parents to cover their
children's academy costs.
Value of a trip to Hawaii
won on Wheel of Fortune
last summer.
>
>
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