Which of the following is included in gross income when received? a) illegal income b) eligible foreign income for exclusion c) income from the discharge of a debt in bankruptcy and insolvency d) refundable security deposit.

Question:

Which of the following is included in gross income when received?

a) Illegal income

b) Eligible foreign income for exclusion

c) Income from the discharge of a debt in bankruptcy and insolvency

d) Refundable security deposit.

What Is Illegal Income:

In a taxation context, Illegal Income refers to income earned by a taxpayer (individual or corporation) that is against the laws of the jurisdiction in which it was earned. For example, money earned by theft or embezzlement is considered part of gross income.

Answer and Explanation:

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Income Tax: Tax Liability & Deductions

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Chapter 3 / Lesson 5

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Learn what income tax liability is. Find out what taxable and adjusted gross income are, discover how to calculate tax liability, and examine common deductions.

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Which of the following is included in gross income when received? a) illegal income b) eligible...

Question:

What Is Illegal Income:

Answer and Explanation:

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