Partially taxable or not taxable in current year

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Reference no: EM131850578

For each of the following items of income, state whether the item is fully taxable (F), partially taxable (P), or not taxable (N) in the current year. Write the letter in the designated space.

___Employee received a turkey at Thanksgiving from his employer

___Food stamps received from the state by an individual

___Employee received a watch valued at $300 for his 25 years of service to the company

___Cash dividends received from ownership of IBM common stock

___Stock dividends received from ownership of IBM common stock, no cash option

___Section 529 distribution used for college expenses

___Interest income received on U.S. Treasury notes

___Annuity income received in first year of distributions. Annuity contract was purchased any years ago with after-tax funds

___Bonus from employer made available at year-end, but actually received January 2

___Reimbursement received by employee in excess of submitted expenses. Employer has an accountable plan

___Individual found diamond ring on the ground and kept it after being unsuccessful in finding the rightful owner

___Airline employee was allowed to fly free to Hawaii on stand-by since there were empty seats on the plane

___Individual was awared Nobel Peace Prize, but directed prize money to go to charity

___Disability insurance premiums paid by employer

___State income tax refund received this year, the amount was deducted last year

Reference no: EM131850578

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