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Loan proceeds are taxable in the year received in cash.

A) True
B) False

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Ahmad's employer pays $10,000 in tuition this year for Ahmad to attend a graduate business program.How much of the employer-provided tuition is taxable to Ahmad?


A) $0
B) $4,750
C) $5,250
D) $10,000

E) A) and B)
F) All of the above

Correct Answer

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John,an employee of a manufacturing company,suffered a heart attack and was unable to work for six months.He received $1,500 per month of disability benefits as a result of an employer-provided group policy.The benefits are includible in John's gross income.

A) True
B) False

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Cameron is the owner and beneficiary of a $300,000 policy on the life of his mother.Cameron sells the policy to his brother,Parker,for $100,000.Parker subsequently pays premiums of $55,000.Upon his mother's death,how much of the insurance proceeds must Parker include in income?


A) $0
B) $55,000
C) $145,000
D) $300,000

E) A) and B)
F) A) and C)

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Rick chose the following fringe benefits under his employer's cafeteria plan.Which of his chosen benefits will be taxable?


A) $150 cash per pay period
B) medical insurance on his family
C) dental insurance
D) group term life insurance of $20,000

E) A) and B)
F) All of the above

Correct Answer

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