Which of the Following Items Will Result in an Inclusion

question 93

Multiple Choice

Which of the following items will result in an inclusion in gross income?

• A)Receipt of a $10,000 check from the bank.The check is for a student loan.
• B)Receiving a $10,000 award from a university for high grades and high SAT scores.The award is used to pay tuition.
• C)Preparing a mechanic's tax return in exchange for the mechanic replacing the muffler on your car.
• D)None of the above will be included in gross income.

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Definitions:

Illegal Immigrants

Individuals who enter or reside in a country without the necessary authorization or documentation required by law.

Mortgage Crisis

A financial crisis occurring when a large number of homeowners are unable to pay their mortgages, often leading to a collapse in the real estate market.

Great Recession

A period of major economic stagnation across the United States and western Europe, characterized by rising unemployment and inflation and a 37 percent decline in the stock market between March and December 1974.

Minorities

Groups in a society who are smaller in number and often face differential treatment or disparities in terms of opportunities and rights.