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Explain the term gross income

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Question : Identify where the following items show up on the first two pages of the 2017 Form 1040. Why is this significant?

  • Gross income (realized income from whatever source derived minus excluded or deferred income)
  • For AGI deductions
  • Schedule C Business Income and Expense
  • Schedule E Rental Income and Expense
  • Schedule D Gains and Losses
  • Alimony Income and Alimony Expense
  • Standard or Itemized Deductions
  • Exemptions
  • Tax
  • In addition, list one item of gross income that is excluded from income. Explain why it should be excluded.

Reference no: EM132426564

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