Which of the Following Gifts or Prizes Would Be Considered

question 40

Multiple Choice

Which of the following gifts or prizes would be considered taxable income to the person receiving the gift?

• A)$5,000 given to the taxpayer by his friend
• B)A mobile home given to the taxpayer by his mother
• C)A ski boat won by the taxpayer on the Price is Right game show
• D)A Mustang GT given to the taxpayer by his brother
• E)None of the above would be considered taxable

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Definitions:

Industrial Accidents

Unplanned events that occur in the industrial sector causing injury to employees or damage to properties.

Social Security Program

A government program that provides financial benefits to retirees, disabled workers, and survivors of deceased workers.

Payroll Taxes

Taxes imposed on employers and employees, usually calculated as a percentage of the salaries that employers pay their staff.

Cash Assistance

Financial aid provided in the form of liquid funds to individuals or families in need, often by governmental or charitable organizations.