Indicate Whether Each of the Items Listed Below Would Be

question 61

Multiple Choice

Indicate whether each of the items listed below would be (a) included in gross income or (b) excluded from gross income for the 2019 tax year.
-Life insurance proceeds received upon the death of a family member

• A)Included
• B)Excluded

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Definitions:

U.S. Dollar

The United States' official money, commonly utilized worldwide as a standard and reserve currency.

Depreciates

Describes how an asset loses value over time due to wear and tear, age, or obsolescence.

Current Account Transactions

Economic activities that affect a nation's balance of payments, including trade in goods and services, earnings on investments, and transfer payments.

International Financial Investments

Cross-border investment activities by individuals, companies, or governments aiming to benefit from returns offered in foreign markets.