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An award does not qualify as a tax-free employee achievement award if the award is cash, cash equivalents, gift cards, gift certificates, vacations, meals, lodging, tickets to events, stocks, bonds, other securities, and similar items. [17] Section 79 excludes $50,000 worth of group term life insurance coverage provided by an employer to an ...
Commissioner v. Duberstein, 363 U.S. 278 (1960), was a United States Supreme Court case from 1960 dealing with the exclusion of "the value of property acquired by gift" from the gross income of an income taxpayer. [1] It is notable (and thus appears frequently in law school casebooks) for the following holdings:
Taxation of illegal income in the United States arises from the provisions of the Internal Revenue Code, enacted by the U.S. Congress in part for the purpose of taxing net income. [1] As such, a person's taxable income will generally be subject to the same federal income tax rules, regardless of whether the income was obtained legally or illegally.
In ruling for the former mayor, the justices drew a distinction between bribery, which requires proof of an illegal deal, and a gratuity that can be a gift or a reward for a past favor.
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
Case history; Prior: Groetzinger v. Commissioner, 82 T.C. 793 (1984); affirmed, 771 F.2d 269 (7th Cir. 1985); cert. granted, 475 U.S. 1080 (1986).: Holding; Under the terms of § 162(a), tax deductions should be granted for all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business for tax purposes.
The saver’s credit is a tax credit available to low- and middle-income taxpayers. Credits run as high as $2,000 for individuals or $4,000 for married taxpayers filing jointly.
Gregory v. Helvering, 293 U.S. 465 (1935), was a landmark decision by the United States Supreme Court concerned with U.S. income tax law. [1] The case is cited as part of the basis for two legal doctrines: the business purpose doctrine and the doctrine of substance over form.