Select the best answer from the choices below. Gifts received are excluded from taxable income. Inheritances received usually are excluded from taxable income. Both of the above are excluded (usually) from taxable income. Neither of the above are excluded from taxable income.
Select the best answer from the choices below. Gifts received are excluded from taxable income. Inheritances received usually are excluded from taxable income. Both of the above are excluded (usually) from taxable income. Neither of the above are excluded from taxable income.
Chapter24: Multistate Corporate Taxation
Section: Chapter Questions
Problem 29P
Related questions
Question
1
Transcribed Image Text:Select the best answer from the choices below.
Gifts received are excluded from taxable income.
Inheritances received usually are excluded from taxable income.
Both of the above are excluded (usually) from taxable income.
O Neither of the above are excluded from taxable income.
Question 2
Which of the following forms of income is excluded from US taxable income?
gains from sales of state and local bonds
interest from US savings bonds
interest from state and local bonds
interest received on a local property tax refund
Transcribed Image Text:Question 3
Life insurance proceeds received by reason of someone's death are excluded from
taxable income unless the proceeds were payable to the beneficiary to payoff a
commercial debt in case of death or the proceeds were intended to compensate
someone for services during the lifetime of the deceased.
True
False
Question 4
Which of the following payments for damages may be excluded from taxable
income?
PICK ALL THAT APPLY!
Damages for lost wages as a result of a car accident
Damages for injuries as a result of a car accident
Punitive damages
OWorkers compensation payments
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