FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
- Which of the followings is included in taxpayer’s gross income (i.e., taxable)?
a.Compensatory damage payments received from physical injury by accident caused by other party.
b.Punitive damage payments received.
c.Accident and health insurance payments received as loss of income under the policy purchased by the taxpayer.
d.Qualified employee discount up to the gross profit percentage for goods. It is nondiscriminatory and employees work for the line of business in which the goods are being sold.
e. Employee’s salary during the year, which is contributed to employee’s qualified pension plan.
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