Gross Income: Exclusions Flashcards
1
Q
What amount of Gifts received should include in her income tax return?
A
The IRC provides for exclusion from gross income of the recipient the value of property acquired by the gift
2
Q
Chapter 11 of the Bankruptcy Code Requires all of the following
A
A. The filing of a organization plan
B. Confirmation of the reorganization plan by the court
C. Opportunity for each class of claims to accept the reorganization plan
3
Q
The total amount of interest subjects to tax on tax return?
A
Unless specifically excluded by the IRC, interest is included in gross Income.
Interest earned on federal tax refunds is not excluded from gross Income
