An amount not included in gross income is
A) a tax credit.
B) an exemption.
C) an exclusion.
D) earned income.
E) portfolio income.
Answer: C) an exclusion.
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Assuming you just purchased 9,950 bbl of WTI crude at the current market price, the total revenue (cost) to you if you were to refine this crude oil and sell the unleaded gasoline is closest to ________
Alaska North Slope Crude Oil (ANS) $71.75/bbl West Texas Intermediate Crude Oil (WTI) $73.06/bbl As an oil refiner, you are able to produce $76 worth of unleaded gasoline from one barrel of Alaska North Slope (ANS) crude oil. Because of its lower sulfur content, you can produce $77 worth of unleaded gasoline from one barrel of West Texas Intermediate (WTI) crude. A) ($766,150) B) $766,150 C) ($770,032) D) $770,032