R1 Flashcards
0
Q
Taxable or not: child support or alimony
A
No and yes
1
Q
Taxable or not: inheritance
A
Not
2
Q
Includable in gross income or not; unemployment compensation
A
Yes
3
Q
Includable in gross income or not: US treasure bonds
A
Yes
4
Q
The first ________ of group term life insurance is a nontaxable fringe benefit
A
$50,000
5
Q
When do you recognize again or loss on a year and sale of listed stock?
A
Trade date
6
Q
The employee receiving a nonqualified stock option must recognize what
A
As ordinary income the value of the option is traded on established market
