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Gross Income: Inclusions and Exclusions


When you have completed this chapter, you should understand the following learning objectives (LO):

LO1

Describe when and how to record income for tax purposes.

LO2

Apply the cash method of accounting to income taxes.

LO3

Explain the taxability of components of gross income, including interest, dividends, tax refunds, and social security benefits.

LO4

Apply the rules concerning items excluded from gross income.

LO5

Apply the rules associated with tax accounting for savings bond interest used for education expenses, below-market interest loans, gift loans, and original issue discount debt (appendix).









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Fundamentals of Taxation 2011Online Learning Center

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