Which of the following types of income is tax freewhich of

Reference no: EM13582436

1. All of the following are itemized deductions in 2012 except

a. Charitable contributions
b. Casualty losses
c. Moving expenses
d. Medical expenses
e. All of the above are itemized deductions

2. All of the following items are taxable to the taxpayer receiving them, except:
a. Bonuses
b. Damages for physical personal injury
c. Unemployment compensation
d. Prizes
e. Gambling winnings

3. Which of the following types of income is tax free?
a. Welfare payments
b. Income earned illegally
c. Dividends from foreign corporations
d. Dividends from closely held corporations
e. Dividends from utility corporations' stock

4. Which of the following is included in gross income?
a. Loans
b. Inheritances
c. Tuition and books scholarships
d. Hobby income
e. None of the above

Reference no: EM13582436

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