Personal Finance (MindTap Course List)
Personal Finance (MindTap Course List)
13th Edition
ISBN: 9781337099752
Author: E. Thomas Garman, Raymond Forgue
Publisher: Cengage Learning
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Chapter 4.2, Problem 3CC
Summary Introduction

To Explain: Examples of incomes that excluded from income reported to the internal revenue service.

Concept Introduction: The Internal Revenue Service is the revenue service of the United States government. The government agency is a part of the Treasury and is under the direction of the Commissioner of Internal Revenue. Commissioner is appointed to a five-year term by the President of the United States.

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Students have asked these similar questions
Refer to the 2018 tax Form 1040 and give an example of what type of income would be found on Lines 1 thru 5. Identify how the IRS taxes the specific income.
Please share an exclusion from gross income. Describe the exclusion along with the section of the IRS code that pertains to the exclusion. Please also state whether the exclusion is unlimited or capped at a certain amount.
Can you cite IRS Publication 17 in a formal legal tax memorandum? Why or why not?
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