BASIC FED PERSONAL INCOME-JA

BASIC FED PERSONAL INCOME-JA - TAX: BASIC FED. PERSONAL

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Unformatted text preview: TAX: BASIC FED. PERSONAL INCOME.......................................................................2 I. Introduction .................................................................................................................. 2 A. Basic Principles of our tax system .......................................................................... 2 B. Methods for classifying taxpayers 1 ...................................................................... 3 II. Identification of Income Subject to Taxation Gross Income: The Scope of Section 61 .......................................................................... 3 A. Gross Income: Equivocal Receipt of Financial Benefit .......................................... 3 B. Income without Receipt of Cash or Property .......................................................... 7 C. 83 Property transferred in Connection with performance of services ................ 9 III. The Exclusion of Gifts and Inheritances .................................................................. 13 A. Gifts ....................................................................................................................... 13 B. Bequests, Devises, and Inheritances ..................................................................... 15 C. Other Exclusions ................................................................................................... 16 IV. Gain From Dealings in Property .............................................................................. 16 A. Factors in the Determination of Gain .................................................................... 16 B. Determination of Basis .......................................................................................... 17 C. The Amount Realized ............................................................................................ 25 D. Depreciation and Amortization ............................................................................. 29 E. Character of capital gains and losses ..................................................................... 34 F. Timing and Characterization ................................................................................. 40 G. Non-Recognition/Exclusion Transaction Sometimes a gain or lost will not be realized in computing tax liability for a given year. One illustration is the spousal provision .......................................................... 43 V. Discharge of Indebtedness ....................................................................................... 46 A. Introduction in general .......................................................................................... 46 B. Exceptions ............................................................................................................. 47 VI. Damages and Related Receipts ................................................................................ 50 A. Damages in General ..................................................................................................
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BASIC FED PERSONAL INCOME-JA - TAX: BASIC FED. PERSONAL

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