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Inclusion
Exclusion
Alimony and Child Support
Discharge of Debt
Social Security
100
The following is included in gross income except; child support payments, inheritances, prizes, or moving expenses?
What is prizes?
100
The following is excluded in gross income except; Christmas bonuses, lessee's improvements, punitive bonuses, or mileage allowance.
What is lessee's improvements?
100
Alimony payments must be made with this method of payment.
What is cash?
100
The person who realizes taxable income when a debt is cancelled for consideration.
What is the debtor?
100
The highest percentage of Social Security an individual can pay.
What is 85%?
200
Improvements to the property made under this condition, in a rental agreement, is regarded as income.
What is in lieu of rent?
200
These bodies issue private activity bonds to help finance private business.
What is state and local governments?
200
These types of payments are not alimony and are not deductible by the payer, and are not income to the payee.
What is child support payments?
200
The result for the purchaser's income when a debt owed to a seller for the purchase of property is reduced by the seller.
What is no income?
200
The individual that Social Security benefits are taxable to.
What is the individual who receives the benefits?
300
Scholarships or fellowships granted by an educational institution for this purpose cannot be included in gross income.
What is room and board?
300
These types of bonds are used for speculative purposes by state or local issuing authorities.
What are arbitrage bonds?
300
This is the desire to shift property settlements to current income from a person in a high tax bracket to an individual in a low tax bracket.
What is front-loading?
300
The result when a creditor gratuitously cancels a debt for "no consideration."
What is a nontaxable gift?
300
Modified adjusted gross income plus one-half the Social Security benefits received.
What is provisional income?
400
Under this method of accounting income is recognized when a transaction is consummated.
What is accrual accounting?
400
This percentage of damages compensating an injured person for personal injuries or sickness are excluded from gross income.
What is 100% except punitive damages?
400
The date at which alimony payments can end early.
What is the payee's death?
400
The state of a taxpayer when they have an excess of liabilities over their assets.
What is insolvency?
400
Adjusted gross income plus interest on tax-exempt bonds, interest on U.S. savings bonds used to pay higher education tuition and fees, employer adoption assistance, the interest education on higher education loans, the deduction for qualified education expenses, and the foreign income exclusion.
What is modified adjusted gross income?
500
These two doctrines were conceived to explain what constitutes income and when an item of income is taxable.
What is the economic benefit doctrine and the constructive receipt doctrine?
500
This type of fringe benefit results when the value of the property or service provided to the employee is so minimal that accounting for it would be unreasonable?
What is De minimis?
500
After a divorce, the parent whom gets to claim the child/children as an exemption.
What is the custodial parent?
500
The act that offers distressed homeowners with a limited tax exclusions for debt forgiveness and mortgage insurance payments.
What is The Mortgage Forgiveness Debt Relief Act of 2007.
500
This taxpayer's filing status has no base amount and must include in gross income the lesser of 85 percent of their Social Security benefits or 85 percent of their provisional income.
What is married filing separate?