Midterm Exam Question 20 Answer

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Midterm Exam Question 20

Which one of the following items is not considered gross income for tax purposes?

  

  1. gambling winnings
  2. face amount of life insurance received due to the death of the insured
  3. cash dividends
  4. illegal income

 

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This question is taken from Accounting 015 – Tax Accounting I » Spring 2021 » Midterm Exam