10th Brigade Engineer Battalion (10BEB) Board Practice Exam

Which item is generally included in federal gross income?

A qualifying gift from a parent Interest on a state municipal bond Life insurance death proceeds paid as a lump sum State unemployment compensation benefits

Correct Answer:

State unemployment compensation benefits

Explanation:

Unemployment compensation is generally taxable for federal income tax purposes. Qualified gifts, municipal bond interest, and most lump-sum life insurance death proceeds are generally excluded from federal gross income.

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