2010_CCH_Essentials_Chapter_03

2010_CCH_Essentials_Chapter_03 - CCH Essentials of Federal...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 3 Chapter 3 Gross Income Inclusions Gross Income Inclusions CCH Essentials of Federal Income Taxation CCH Essentials of Federal Income Taxation ©2009 CCH. All Rights Reserved. ©2009 CCH. All Rights Reserved. 4025 West Peterson Ave. 4025 West Peterson Ave. Chicago, IL 60646-6085 Chicago, IL 60646-6085 www.CCHGroup.com www.CCHGroup.com
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
CCH Essentials of Federal Income Taxation 2 of 14 Problems in Recognizing Gross Income Recognizing potential income items Identifying those income items specifically excluded by law Taxpayers face two problems: Chapter 3
Background image of page 2
CCH Essentials of Federal Income Taxation 3 of 14 Compensation Fees Bonuses Commissions Salaries Wages Property Honorariums for making a speech Employee fringe benefits Military service pay Chapter 3
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
CCH Essentials of Federal Income Taxation 4 of 14 Fair Market Value FMV is the price that a willing buyer wants to pay and a willing seller wants to accept. FMV assumes that neither buyer nor seller must buy or sell. FMV also assumes that buyer and seller have reasonable knowledge of all necessary facts. Finally, in the absence of an actual sale or exchange, FMV can be determined by expert appraisal or other supporting evidence.
Background image of page 4
Image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 14

2010_CCH_Essentials_Chapter_03 - CCH Essentials of Federal...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online