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.

Learning Outcomes

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.