Reference no: EM131233036
This is a FEDERAL TAX problem
Indicate whether each statement is true or false.
1. Exclusions from gross income are the same as deductions from gross income.
2. Gifts and inheritances are excluded from gross income.
3. If a spouse died in 2015, the decendent's surviving spouse can exclude up to $1000 of interest per year from installment payments of life insurance proceeds.
4. In some cases, 100 percent of social security benefits will be included in the recipient's gross income.
5. Interest on state and municipal bonds is included in gross income.
6. Cash method taxpayers have the choice of reporting interest income on Series EE U.S. Savings Bonds on a yearly bassis as it accrues, or reporting all interest income when the bond finally matures.
7. In the case of qualified services, the tax-free amount of employee discount cannot exceed 20 percent of the price offered to nonemployee customers.
8. In the case of a deceased employee, up to $5000 of employer paid death benefits can be excluded from gross income by a beneficiary.
9. Compensation for slander of professional or business reputation must be included in gross income.
10. Up to $5000 of employer payments for dependent care assistance can be excluded from an employees income per year.
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