Which of the following can be excluded from Ellen's gross income? 1. The value of a...

Which of the following can be excluded from Ellen's gross income?

1. The value of a diamond ring that Ellen received as a gift from David.

2. The value of a mansion that Ellen inherited from her parents.

3. The value of concert tickets that Ellen won in a radio contest.

4. The value of a scholarship for room and board that Ellen received to her state university.

Group of answer choices

c. 1, 2, and 3

a. 1 only

d. 2, 3, and 4.

b. 1 and 2

Expert Solution

The Answer is b. 1 and 2

Explanation:

1) Value of diamond and mansion are excluded from gross income because there are not incomes to the Ellen. So, there are excluded.

2) Where as value of concert tickets and scholarship must be included in gross income. So, there are not excluded.

ekkarill92 answered 2 years ago

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