Midterm Exam Question 13

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Midterm Exam Question 13

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Midterm Exam

13. Which of the following is not excluded from income? (Assume that any amounts received by the taxpayer were kept).

  1. life insurance proceeds paid by reason of death
  2. fair market value of prize won on a game show
  3. public assistance payments
  4. gifts and inheritances
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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam