Essentials of Federal Taxation
Quiz 5: Gross Income and Exclusions
Scholarships Are Excluded from Gross Income for Degree Candidates Even
Scholarships are excluded from gross income for degree candidates even if the scholarship pays for required fees and books in addition to tuition.
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Earnings from Internal Revenue Code
Trevor received a gift of $25,000 in cash from his rich uncle.Trevor must include $15,000 of this gift in his gross income this year.
Anna received $15,000 from life insurance paid upon the death of her grandmother.Anna can exclude the entire amount of the life insurance from her gross income.
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