IRS TCO Practice Questions - IRS Tax Compliance Officer (TCO) Entrance Exam

Which item is generally EXCLUDED from gross income under IRC Sections 101-139?

Tip income reported to the employer Gambling winnings Compensatory damages received on account of physical injury or physical sickness Cancellation of personal credit card debt by a solvent debtor

Correct Answer:

Compensatory damages received on account of physical injury or physical sickness

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