Basic Federal Income Taxation: Gross Income: Gifts, Bequests, Prizes, and Donative Cancellations of Indebtedness
This lesson will provide users with scenarios in applying regulations concerning the exclusion of gifts, prizes, and related income from gross income calculations. Questions review Internal Revenue Code section 102.
On completion of the lesson, the student will be able to:
1. Apply the rules under I.R.C. § 102 and all its sub-sections.