gross_income_checklist - WK U.S Master Tax Guide(2011 55...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

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

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: WK_: U.S. Master Tax Guide (2011), 55, Checklist for Items of Income.pdf ©2011 Wolters Kluwer. All rights reserved. 1 U.S. Master Tax Guide (2011), ¶55, Checklist for Items of Income Click to open document in a browser The determination of whether an item of income is includible in income and, thus, taxable, or whether it is excludable from income is crucial to the determination of tax liability. An item that is includible increases tax liability, depending on the amount, whereas an excludable item decreases tax liability. The following chart, which is arranged alphabetically by income item, indicates whether the item is includible or excludable from income. A reference to further details in the U.S. Master Tax Guide is also provided. Income Item Includible in Income Paragraph Reference Accident and health insurance premiums, employer-paid (except for long- term care benefits provided through flexible spending accounts and subject to limitation as to medical savings accounts) ................................ No ¶859 Accident and health plans proceeds (under insurance purchased by taxpayer or under employee supported plans) where premiums did not give taxpayer a previous medical expense deduction ................................ No ¶853 Agreement not to compete, payments received for ................................... Yes ¶713 Airline deregulation benefits, special rule, unemployment compensation .. Yes ¶722 Alaska Permanent Fund dividends ............................................................ Yes ¶124 Alimony, support and separate maintenance payments, receipt of ............ Yes ¶772 Allowances received by dependents of members of the Armed Forces ..... No ¶896 Annuities (amounts in excess of cost) ....................................................... Yes ¶819 Annuities, interest on advance premiums .................................................. Yes ¶724 Annuity contract, death benefit .................................................................. Yes ¶817 Antitrust action, punitive damages recovered ............................................ Yes ¶852 Armed Forces pay (except “combat zone” or “missing” status pay) ........... Yes ¶891 Athletic facilities on employer's premises, value of use ............................. No ¶863 Attorney's contingent fee, includible in plaintiff's gross income .................. Yes ¶852 Awards, generally ....................................................................................... Yes ¶852 Back pay .................................................................................................... Yes ¶852 Bad debts, prior taxes and interest on taxes, recovery of, provided no tax benefit in prior year .................................................................................... No ¶799 Bargain purchases from employer to extent discount exceeds gross profit percentage ..................................................................................................percentage ....
View Full Document

This note was uploaded on 09/09/2011 for the course TAX 5015 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.

Page1 / 5

gross_income_checklist - WK U.S Master Tax Guide(2011 55...

This preview shows document pages 1 - 2. Sign up to view the full document.

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