For each of the following items of income, state whether the item is fully taxable (F), partially taxable (P), or not taxable (N) in the current year. Write the letter in the designated space.
___Employee received a turkey at Thanksgiving from his employer
___Food stamps received from the state by an individual
___Employee received a watch valued at $300 for his 25 years of service to the company
___Cash dividends received from ownership of IBM common stock
___Stock dividends received from ownership of IBM common stock, no cash option
___Section 529 distribution used for college expenses
___Interest income received on U.S. Treasury notes
___Annuity income received in first year of distributions. Annuity contract was purchased any years ago with after-tax funds
___Bonus from employer made available at year-end, but actually received January 2
___Reimbursement received by employee in excess of submitted expenses. Employer has an accountable plan
___Individual found diamond ring on the ground and kept it after being unsuccessful in finding the rightful owner
___Airline employee was allowed to fly free to Hawaii on stand-by since there were empty seats on the plane
___Individual was awared Nobel Peace Prize, but directed prize money to go to charity
___Disability insurance premiums paid by employer
___State income tax refund received this year, the amount was deducted last year