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Plaintiffs admitted that gratuity on their income tax returns, but did not include it as income because it was a gift. The tax commissioner decided that it was income and assessed a tax deficiency, which plaintiffs paid, and thereafter filed a claim for a refund. Defendant denied that claim.
A gratuity (often called a tip) is a sum of money customarily given by a customer to certain service sector workers such as hospitality for the service they have performed, in addition to the basic price of the service. Tips and their amount are a matter of social custom and etiquette, and
Mandatory tipping (also known as a mandatory gratuity or an autograt) is a tip which is added automatically to the customer's bill, without the customer determining the amount or being asked. It may be implemented in several ways, such as applying a fixed percentage to all customer's bills, or to large groups, or on a customer-by-customer basis ...
"Gifts received -- regardless of the amount -- are exempt from income tax," Bronnenkant said. ... the interest received is taxable income." He added, "Note: The donor will have to file a Form 709 ...
We all know there are certain items you always pay tax on: your income, your home and your investments. But there are plenty of things that aren't as crystal clear and you might not know about ...
Tipping can be stressful and often involves complicated mental math. To make matters worse, there are also no clear-cut rules on who to tip, when to tip and how much of a tip to leave. The proper...
This is because our tax system is considered inclusive. In other words, all income is considered taxable unless otherwise excluded. To figure your taxable income, you must first calculate total ...
Cowden v. Commissioner, 289 F.2d 20 (5th Cir. 1961), [1] outlined the factors used to determine whether something received is a cash equivalent, in other words, whether something received is taxable when it was received or when it was assigned. The court observed two main doctrines in determining when something is taxable.