QI:4-4
Most exclusions exist for one of two reasons. What are those reasons? Give examples of exclusions that exist for each.
QI:4-5
a. If a gift of property is made, who is taxed on income produced by the property?
b. How can interfamily gifts reduce a family's total tax liability?
QI:4-6
a. What role does intent play in determining whether a transfer is a gift and therefore not subject to the income tax?
b. Are tips received by employees from customers excludable from gross income as gifts? Explain.
QI:4-7
What is the tax significance of the face amount of a life insurance policy?
QI:4-10
Answer each of the following:
a.
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Define the term scholarship as it is used in Sec. 117.
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b.
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If a scholarship covers room and board, is it excludable?
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c.
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If an employer provides a scholarship to an employee who is on leave of absence, is that scholarship taxable?
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d.
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Is the amount paid by a university to students for services excludable from the students' gross income?
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QI:4-13
Answer the following questions relative to employer-financed medical and health, disability, and life insurance plans.
a. May employers deduct premiums paid on employee insurance?
b. Do employees have to include such premiums in gross income?
c. Are benefits paid to the employee included in the employee's gross income?
QI:4-16
What conditions must be met if an employee is to exclude meals and lodging furnished by an employer?
QI:4-18
Are the same fringe benefits that are available to employees also available to self-employed individuals?
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