Enrolled Agent Exam [Part 1] 05, Gross Income Inclusions Titelbild

Enrolled Agent Exam [Part 1] 05, Gross Income Inclusions

Enrolled Agent Exam [Part 1] 05, Gross Income Inclusions

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This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • Gross income under IRC Section 61 includes all income from any source unless specifically excluded. • Income is taxable regardless of its form; bartered services and property are taxed at their fair market value. • Prizes, awards, and bonuses are fully includible in gross income, even if they are not received in cash. • Items labeled as "gifts" from an employer are almost always considered taxable compensation on the exam. • Your default exam assumption should be that any item of value received is taxable income. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep
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