Items That Are Excluded from Gross Income Include All of the Following

question 152

Multiple Choice

Items that are excluded from gross income include all of the following with the exception of:

• A)gifts.
• B)inheritances.
• C)life insurance proceeds.
• D)municipal bond interest.
• E)U.S. Treasury Bills interest.

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Definitions:

False Statement

An untrue assertion made about something, often with the intent to deceive.

Misrepresentation

A false statement of fact made by one party to another party, which has the effect of inducing that party into a contract.

Legal Action

A formal proceeding by which a party seeks to enforce or protect a legal right through a court of law.

Mutual Mistake

A legal concept where both parties involved in a contract have a shared misunderstanding about a critical fact of the contract.