Reference no: EM132819089

Problem 1: Which of the following items are exclusions from gross income?

a. Alimony payments received.

b. Damages award received by the taxpayer for personal physical injury - none were for punitive damages.

c. A new golf cart won in a church raffle.

d. Amount collected on a loan previously made to a college friend. (presuming no interest is charged)

e. Insurance proceeds paid to the taxpayer on the death of her uncle - she was the designated beneficiary under the policy.

f. Interest income on City of Chicago bonds.

g. Jury duty fees.

h. Stolen funds the taxpayer had collected for a local food bank drive.