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Scott, MIT Graduate
Category: Homework
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Experience:  MIT Graduate (Math, Programming, Science, and Music)
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Which of the following is not included in gross income when

Customer Question

Which of the following is not included in gross income when received?

            a.        prepaid rent

            b.        mineral rights

            c.        amounts received to cancel or modify a lease

            d.        refundable security deposit

33.       Insurance proceeds received because of the destruction of property are

            a.        included in gross income in all cases.

            b.        excluded from gross income completely.

            c.        included in gross income to the extent the proceeds are less than the adjusted basis of the replacement property.

            d.        included in gross income only to the extent the proceeds exceed the adjusted basis of the replacement property

37.       John Black, a police officer, was injured in the line of duty. He received the following during the current year:

Submitted: 8 years ago.
Category: Homework
Expert:  Andrea replied 8 years ago.

Are there only 3 questions, if so, I think the 3rd question (#37) got cut off. Please post the rest of the question.

Customer: replied 8 years ago.
Sorry, I meant to post this...59. Which of the following is deductible as interest expense?
a.     Personal credit card interest.
b.      Interest to purchase tax-exempt bonds.
c.     Bank service charges on personal account.
d.     Charge for late payment on utility bill incurred in a trade or business.

     60. Teri pays the following interest expenses during the year:

Home mortgage interest on personal residence     $6,500
Credit card interest on personal purchases     350
Interest on loans used to purchase investments (Net investment
              income is $2,000)     2,100
Interest on loans used for a business conducted as a sole proprietorship     3,800
Interest on a credit card used exclusively in the business     400

What is the amount of interest expense that can be deducted as an itemized deduction?
a.     $8,500
b.     $8,600
c.     $12,200
d.     $12,300

     61. Clayton contributes land to the American Red Cross for use as a future site for a new building. His AGI is $60,000. Clayton paid $20,000 for the land eight months ago but its market value at the date of contribution is $25,000. With no special elections, Clayton's deductible contribution this year is
a.     $7,000.
b.     $18,000.
c.     $20,000.
d.     $25,000.
Expert:  Andrea replied 8 years ago.

I'm going to opt out, because I think that another expert can answer these questions better than I can.

Good luck!
Customer: replied 8 years ago.
Okay then how does my money get refunded? Or does it not get charged then?
Customer: replied 8 years ago.
Relist: I still need help.

I wa not given my answers. Was I charged?