Which of the Following Items Should Be Included in Gross

question 56

Multiple Choice

Which of the following items should be included in gross income?

• A) Life insurance proceeds
• B) Child support payments
• C) Accident and health insurance proceeds
• D) Cash rebate from a dealer on a car purchase
• E) Moving expense reimbursements by an employer

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Definitions:

Business Tax Return

The documentation filed to report a business's income, expenses, and other tax information to government tax authorities.

Form 1040 Schedule C

A tax form used by sole proprietors to report business income and expenses to the IRS.

Form 1120

A tax form used by corporations in the United States to report their income, gains, losses, deductions, and credits to the Internal Revenue Service.

Create (+) Screen

A feature in software applications that allows a user to initiate the creation of a new item or record.