An automobile that is received as a prize should be included in the taxpayer’s income at its list price rather than its fair market value.

There is a limitation of $25 per donee on the deduction of gifts to employees for length of service.

If a divorce agreement executed in 2017 specifies that a portion of the amount of an alimony payment is contingent upon the status of a child, that portion is considered to be a child support payment.

A taxpayer’s SUV for personal use is considered a capital asset.

Which of the following is generally excluded from gross income?

The basis of property received as an inheritance is generally equal to the fair market value at the decedent’s date of death.

A scholarship for room and board is fully taxable to the recipient.

In all community property states, income from community property is community income.

Taxpayers who work at two or more jobs during the same day may deduct the cost of transportation from one job to the other.

In 2024, a taxpayer who is under 50 years of age and not an active participant in a retirement plan may deduct a contribution of up to $7,000 to a traditional IRA, subject to the earned income limitation.