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Unformatted text preview: C HAT WEDNESDAY T HE 28T H OF SEPT EMBER, 2011
Making cup of coffee be right back?? Chapt er 4
SUMMARY OF CHAPT ER
Gross income, according to the Internal Revenue Code, includes all income unless specifi cally exempted
by law. This comprehensive defi nition requires a more probing discussion of what must be included in income. Two
further concerns are how much must be included in income and what portion of total income may be excluded.
T he Concept of Income
¶4001 Economic Income
Economists defi ne income as the maximum amount that an individual can consume during a week and
remain as well-off at the end of the week as the individual was at the beginning of the week. This defi nition is not
practical for tax purposes.
¶4015 The Legal/Tax Concept of Income
The tax concept of income derives from the Code, which states that gross income includes “all income from
whatever source derived” unless specifi cally exempted by law. (Code Sec. 61(a).) The legal concept of income is
best described in the Eisner v. Macomber case as “gain derived from capital, from labor, or from both combined.”
¶4025 Accounting Income
Accountants measure income as the excess of revenues over costs incurred to produce those revenues. As in
fi nancial accounting, all gains must be “realized” before they are includible in income. Under the accrual method,
income is recognized when a transaction is consummated. Under the cash method, income is recognized only when
cash is received.
Economic Benefi t , Const ruct ive Receipt , and Assignment of Income Doct rines
¶4101 Economic Benefi t Doctrine
The economic benefi t doctrine focuses on what is income.
¶4125 Constructive Receipt Doctrine
The constructive receipt doctrine focuses on when income is received. A distinctive feature is that the
doctrine affects only cash basis taxpayers.
P4 -4 7 p 4-47 4125 Multiple Choice—Constructive Receipt Income
47. b. In part (a), the taxpayer has the right to pick up the check on December 15. In part (c), taxpayer’s
agent received income on December 30 and that is the same as the taxpayer receiving it. For part (d), the
taxpayer actually received the check. Whether or not he deposits the check is immaterial. In part (e), the
taxpayer received stock on December 30 and it is income at that time. That he sold it later did not affect the
transaction. Accordingly, the correct answer is (b). The taxpayer did not receive the asset until January 12,
2011; therefore, he had no income in 2010.
Economic Benefi t , Const ruct ive Receipt , and Assignment of Income Doct rines
¶4201 Assignment of Income Doctrine
The assignment of income doctrine focuses on the person to whom income is taxable. For tax purposes,
income is taxed to the individual who has earned it. The assignment of income is disregarded unless the source of
the income is also assigned.
¶4215 Community Property Income
There are nine community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico,
Texas, Washington, and Wisconsin). In these states all property acquired by a husband and wife after marriage is
considered as owned by them in common.
¶4225 Tenancy by the Entirety
If property is held by a married couple as tenants by the entirety, all income from the property must be
included by the husband in his return, or must be shared equally by the spouses, depending on state law.
¶4235 Joint Tenants and Tenants in Common
Parties holding property as joint tenants each report one-half of the income.
P4 -22 p4-22 4215 Community Property
22. On separate returns the income from property purchased after marriage is considered owned by them
in common. The property the wife owned before the marriage is not community property in Nevada.
Therefore, the wife has $ 25,000 of rental income to report and the husband must report $ 10,000. Wife
10000 It ems Included in Gross Income
¶4301 List of Income Items
The major portion of the chapter discusses those 15 items mentioned in Code Sec. 61(a) as being included
in gross income. It is important to note the fact that because an item is not specifi cally mentioned does not mean that
it is not to be included in gross income.
P4 -37 p4-37 4301 gross income ??
adjusted gross income ??
Gross Income and Adjusted Gross Income
37. The taxpayer’s gross income is determined as follows:
Salary $ 50,000
Dividend income 1,300
Gambling income 110
Rental income 5,600
Income from term life insurance 155
(80000 - 50000) = 30000 X 5.16 =
Gross income $ 57,165
Interest on the toll road bonds, a state obligation, is exempt. Although the taxes and operational expenses
on the rental property are deductible in determining adjusted gross income and the gambling losses are
deductible in fi guring taxable income only as itemized deductions, the gross rental and gambling receipts
are included in gross income.
Adjusted gross income is $ 52,315 ($ 57,165 less $ 2,200 taxes less $ 2,650 operation and maintenance
O&M It ems Included in Gross Income
¶4315 Compensation for Services
All compensation received by the individual is included in gross income. This includes salary, bonuses, tips,
commissions, directors’ fees, and any other amounts received for personal services.
¶4325 Compensation v. Gift
The value of property acquired by gift is specifi cally excluded from inclusion in gross income. However,
the income from property received is not excluded. The determination of whether or not a payment or transfer is in
the form of compensation or a gift will usually be governed by the circumstances and the intent of the parties.
¶4331 Jury Duty Pay
A taxpayer must include pay for jury duty in income. However, jury duty pay remitted to the taxpayer’s
employer in exchange for compensation for the period the employee was on jury duty is deductible from gross
¶4335 Prizes and Awards
Gross income includes amounts received as prizes and awards from radio and television give-away and quiz
shows, lotteries, door prizes, and awards from contests. Prizes and awards in the fi elds of science, charity, and the
arts are not excludable from gross income unless the recipient assigns the prize or award to a governmental agency
or tax-exempt charitable organization. Employee awards for length of service or safety achievement are excludable
from gross income by the employee and are deductible by the employer, but there is a $ 400 and a $ 1,600 annual
limitation per employee for nonqualifi ed plan and qualifi ed plan awards, respectively.
¶4345 Scholarships and Fellowships
Generally, gross income does not include amounts received as qualifi ed scholarships by individuals who are
degree candidates at education institutions if the funds are earmarked for tuition or books and awarded on the basis
of academic merit.
¶4355 Gross Income Derived from Business
Gross income includes business income, defi ned as total sales revenues less cost of goods sold, plus income
from investments and any other incidental income.
¶4375 Partnerships and S Corporations
Partnerships and S corporations are not taxed, but their taxable income is taxed to the individual partners or
Interest received by a taxpayer credited to the taxpayer must be included in gross income. Interest rates are
imputed by the IRS for gift loans, demand loans, and other below-market loans, severely limiting this former tax
avoidance scheme that was especially popular among family members.
P4 -30 p4-30 4315 Compensation
a. The $ 400 fair market value is includible.
b. The entire bonus is income to the employee, not to his son.
c. The entire $ 500 salary is gross income to the employee. It ems Included in Gross Income
¶4395 Rent and Royalty Income
Rental income must be included in gross income. All expenses (e.g., depreciation, taxes, repairs, and other
ordinary and necessary expenses attributable to the rental property) are deductible from gross income. Security
deposits received from tenants are not included in gross income if they are to be returned to the tenant. Bonuses
received for the granting of a lease are considered rental income. Improvements made by the lessee are not income
to the lessor upon termination of the lease. Rather, gain or loss is recognized at the time the property is sold.
Royalty income received for allowing the use of copyrights, patents, licenses, and rights to oil, gas, or other mineral
properties is includible in gross income. P4 -25 p4-25 4395 Rent and Security Deposits
25. Billy Dent has the following rental income:
(1) Rent received in January 2010, but due in December 2009 $ 5,000
(2) Rent received in December 2010, not due until January 2011 4,000
Total rental income $ 9,000
The security deposit is not considered income because it is refundable.
P4 -4 2 p4-42 5000
9000 4395 Multiple Choice—Rental Income
42. c. Rental income includes the fl oor repairs of $ 950 and the advance rents of $ 3,000 received by Mr. Wolf. ¶4401 Dividend Income
Corporate distributions may be in the form of cash dividends or stock (dividends and rights), the taxation of
which is governed by special valuation rules based on the date of declaration, record, payment, or receipt. Ordinary
dividends of a mutual fund are reported as dividend income to the recipient. Dividends on life insurance and annuity
contracts are excludable from gross income; however, dividends in excess of the net premiums paid on a fully paidup
life insurance policy are fully taxable.
The Jobs and Growth Tax Relief Reconciliation Act of 2003 reduced the top marginal federal tax rate on
dividends to 15 percent (0 percent for those with income in the 10 or 15 percent brackets through later legislation).
The new rate applies to dividends received from January 1, 2003 through December 31, 2010. The new tax rate
applies only to qualifi ed dividends paid to shareholders by a domestic corporation or a qualifi ed foreign corporation.
Prior to passage of the 2003 Tax Act, dividends were taxed as ordinary income.
P4 -4 8 p4-48 4401 Multiple Choice—Dividend Income
48. b. A proportionate distribution of stock does not give rise to dividend income. ¶4451 Divorce and Separation
Generally, the recipient must include alimony and separate maintenance payments in gross income and the
payer is entitled to a tax deduction for adjusted gross income. However, different rules apply to payments made
under post-1984 and pre-1985 instruments. Payments designated as child support are not deductible by the payer
and are not taxable to the payee. The custodial parent is entitled to the exemption for dependent children unless
the right to claim it is expressly waived. Also, no gain or loss is recognized on property transfers between former
P4 -4 5 p4-45 4451 Multiple Choice—Divorce
45. c. $ 8,400. Cash payments made to a third party qualify as alimony if they benefi t the payee spouse. Since
Laura owns the life insurance policy, Robert’s payment of the $ 3,000 premium is deductible as alimony by
him. The divorce decree obligates Robert to pay the mortgage, therefore he may deduct as alimony only
one-half of the mortgage payment, or $ 5,400. ¶4485 Discharge of Debt
When a debt is canceled for a consideration, in whole or in part, the debtor realizes taxable income for the
amount of the debt discharged. If a creditor gratuitously cancels a debt, then the amount forgiven is not income but
a nontaxable gift. Generally, income from a nongratuitous discharge of indebtedness is includible in gross income
unless the discharge occurs in a bankruptcy case or the taxpayer becomes insolvent.
P4 -39 p4-39 4 485 Forgiveness of Debt
39. The cancellation of $ 50,000 of debt gives rise to $ 10,000 of taxable income ($ 100,000 − ($ 140,000 −
$ 50,000)) where the taxpayer is solvent after forgiveness if the corporation is not in bankruptcy. If the
corporation is in bankruptcy, there is no income.
10 minut e break at 7:15
Chapt er 5
SUMMARY OF CHAPTER
Having just completed the study of gross income in the preceding chapter and thus gained a comprehension
of what income is and when it is taxable, the student should now be ready to proceed to the concepts underlying
exclusions from gross income, which are discussed in the present chapter.
Since gross income includes income from all sources, to be excluded from gross income the items must be
expressly exempted by law. Sections 101–139 list those items.
Common Exclusions from Gross Income
¶5001 Gifts and Inheritances
A gift, bequest, or inheritance is excluded from gross income. Thus, the donor does not receive a tax
deduction for the property transmitted. If property received by gift or inheritance later produces income, the income
¶5015 Life Insurance Proceeds
Generally, life insurance proceeds received by the benefi ciary are not included in gross income if such
amounts are paid by reason of death of the insured. It is immaterial who the benefi ciary is or whether the policy
was part of a group life insurance plan or was individually purchased. However, if payment is delayed and the total
amount when received includes interest, the interest is taxable.
¶5025 Sale of Residence
Sales of principal residences on May 7, 1997, and thereafter are eligible for a $ 500,000 exclusion from
gross income ($ 250,000 for single individuals). A two-year ownership and occupancy test and a two-year frequency
test must be met to qualify for the exclusion.
¶5035 Recovery of Tax Benefi t Items
Gross income includes amounts received that were part of an earlier year deduction or credit. This is
considered a recovery and generally must be included in gross income in the year received.
P5-19 p5-19 5001 Gift Income
19. Leon does not include the value of the cottage, since it was a gift. Income from the cottage does belong to
Leon and is taxable income to him. Common Exclusions from Gross Income
¶5055 Retirement Income
A portion of the Social Security benefi ts or railroad retirement benefi ts must be included in taxable income
for taxpayers whose modifi ed adjusted gross income exceeds a base of $ 25,000 for a single taxpayer ($ 32,000
for a married taxpayer fi ling a joint return and zero for a married person fi ling a separate return). The Revenue
Reconciliation Act of 1993 added a second threshold for taxpayers whose provisional income exceeds $ 34,000
($ 44,000 for a married taxpayer fi ling a joint return and zero for a married person fi ling a separate return).
P5-28 p5-28 5055 Social Security Benefi ts
28. Ron and Gayle have taxable income of $ 26,900.
Gross income $ 36,000
Interest income 4,000
Tax-exempt income 4,000
½ Social Security income 6,000
Provisional income $ 50,000
Social Security Computation:
(a) $ 12,000 × 85% = $ 10,200
(b) [($ 50,000 − $ 44,000) × 85% ] + $ 6,000 = $ 11,100
Therefore, $ 10,200 of their Social Security income is included in their AGI.
AGI ($ 36,000 + $ 4,000 + $ 10,200) $ 50,200
Personal exemptions (2 × $ 3,650) 7,300
Itemized deductions 16,000
Taxable income $ 26,900 36000
page 5-5 A.
page 5-5 B.
26900 Common Exclusions from Gross Income
¶5075 Interest on Government Obligations
Interest earned on U.S. savings bonds is fully taxable. On Series EE bonds, no interest per se is paid each
year, but the bond is issued at a discount and each year increases in value until maturity. The difference between
the purchase price of the bond and the redemption value is taxable interest income. For tax years after 1989, a
tax exemption is provided for interest earned on U.S. savings bonds used to fi nance the higher education of the
taxpayer, the taxpayer’s spouse, or dependents. Interest received on state and local government bonds is generally
excludable from gross income.
P5-4 2 p5-42 5075 Multiple Choice—Social Security
42. d. Ms. Green must include 85 percent of her Social Security benefi ts in her gross income, computed as follows:
Modifi ed AGI:
Interest from certifi cates of deposit $ 3,000
Tax-exempt interest 6,000
Taxable dividends 5,000
Taxable pension 15,000
Wages from consulting work 9,000
One-half Social Security benefi ts 7,000
Provisional income $ 45,000
(A) $ 14,000 × 85% = $ 11,900
(B) [($ 45,000 − $ 34,000) × 85% ] + $ 4,500 = $ 13,850
34000 threshold income
Ms. Green must include $ 11,900 of her Social Security benefi ts in her income, the lesser of (A) or (B).
P5-4 4 p5-44 5075 Multiple Choice—Series EE Savings Bonds
44. b. Eligible expenses do not include room and board.
Employee Benefi t s
¶5101 Fringe Benefi ts
There are four categories of fringe benefi ts: (1) no-additional-cost services provided to employees, (2)
qualifi ed employee discounts, (3) working condition fringe benefi ts, and (4) de minimis fringe benefi ts (property or
services, the value of which is so small as to make accounting for it unreasonable or administratively impracticable).
¶5115 Group-Term Life Insurance
An employee is allowed to exclude from gross income all of the cost of a group-term life insurance policy
provided by an employer if the face amount of the policy does not exceed $ 50,000. When over $ 50,000 of groupterm
life insurance is purchased, the cost of the premium for the amount of insurance over $ 50,000 must be included
in the employee’s gross income.
P5-4 3 p5-43 5101 Multiple Choice—Fringe Benefi ts
43. d. Memberships in athletic facilities are not excludable unless the athletic facility is on the employer’s
Employee Benefi t s
When income is received as an annuity under an annuity, endowment, or life insurance contract, the amount
received generally consists of two separate parts: (1) a nontaxable return of the annuitant’s investment in the
contract and (2) a taxable amount representing a gain on the investment (interest). Under special rules, the tax-free
portion of annuity income is spread evenly over the annuitant’s lifetime. If an employer paid in all of the cost of the
pension or annuity, the payments received by the employee are fully taxable to the employee. If the employee made
contributions, the total amount that an employee may exclude from income is the total amount of the employee’s
¶5140 Adoption Expenses
Taxpayers may exclude from gross income $ 12,150 of adoption expenses per year per child.
¶5145 Compensation for Injuries and Sickness
Specifi cally excluded from gross income are (1) payments under workers’ compensation acts for personal
injuries or sickness, (2) damages received on account of personal injuries or sickness, (3) payments under accident
and health insurance for personal injuries or sickness, (4) payments received as a pension, annuity, or similar
allowance for personal injuries or sickness resulting from active service in the armed forces and certain government
services, and (5) payments received by federal government employees as disability income for injuries incurred
during terrorist attacks outside the U.S. Punitive damages received where no physical injury or sickness occurred
are includible in gross income for all lawsuits fi led after July 10, 1989.
P5-31 p5-31 5125 Annuity: Taxable Portion
31. Don Smith must include $ 1,253.17 in his gross income.
Annual annuity payment ($ 147 × 12) $ 1,764
Multiple from Table 2 (Age 65) 20.0
Expected return ($ 1,764 × 20) $ 35,280
Exclusion ratio 7938
Payments received in 2010: ($ 147 × 11) $ 1,617.00
Exclusion ratio 22.5 %
Excluded from gross income $ 363.83
Taxable portion $ 1,253.17
P5-32 pp5-32 1764
1253.17 5125 Annuity Income: Cost-of-Living Increase
32. Don Smith is taxed on the full amount of the cost-of-living increase. The exclusion rate (22.5% × $ 147 per
month) remains constant. Therefore, the $ 28-per-month increase in annuity benefi ts is fully taxable. His
total taxable annuity income is:
Add: ($ 147 × 12) × 77.5% $ 1,367.10
$ 28 × 12 336.00
Total taxable annuity income $ 1,703.10
1703.1 ¶5155 Accident and Health Plans
Benefi ts received by an employee under an accident and health plan where premiums are paid by the
employer are excludable from gross income if (1) payments are made on the nature of the injury and not on work
time lost by the employee and (2) reimbursement is for medical expenses of the employee, spouse, or dependents.
¶5165 Qualifi ed Long-Term Care Insurance
Beginning after January 1, 1997, qualifi ed long-term care insurance contracts will be treated as accident and
¶5185 Meals and Lodging
Meals furnished an employee or the employee’s family are considered compensation to the employee.
However, employees may exclude the value of meals furnished by the employer if (1) the meals are furnished on the
premises of the employer and (2) they are furnished for the convenience of the employer.
¶5195 Cafeteria Plans
Cafeteria plans are employer-sponsored benefi t packages that offer employees a choice between taking
cash and qualifi ed benefi ts. If qualifi ed benefi ts are chosen, they are excludable to the extent allowed by the law;
if cash is chosen, it is includible in gross income as compensation. Nontaxable benefi ts in the plan might include:
group-term life insurance, disability benefi ts, accident and health benefi ts, and group legal services plans. However,
certain benefi ts are expressly prohibited from inclusion: qualifi ed scholarships, educational assistance programs, and
excludable fringe benefi ts.
P5-21 p5-21 5145 5155 Workers’ Compensation
21. All the mentioned insurance proceeds are excludable from Windsor’s gross income. If medical expenses
were deducted on his 2010 tax return, then at the time he received the reimbursement in 2011, he would
have to recognize income to the extent of benefi ts received in 2011. P5-4 0 p5-40 5185 Meals and Lodging
40. Clearly, the value of the lodging does not have to be included in Roger Corby’s gross income because
the lodging furnished is for the convenience of the employer. The value of the meals when not on duty,
however, must be included because the employee is not required to have his meals on the premises. The
meals eaten while on duty are excludable. ¶5201 Educational Assistance Plans
Payments of up to $ 5,250 per year received by an employee for both undergraduate and graduate tuition,
fees, books, and supplies under an employer’s assistance program may be excluded from gross income. Any excess
is includible in the employee’s gross income and is subject to employment and income tax withholding.
¶5215 Tuition Reduction Plans
Qualifi ed tuition reductions made available to employees (and their families) of qualifi ed educational
institutions are excludable from the employee’s gross income. The tuition reduction must be for education below
the graduate level. Under a special rule, benefi ts paid to graduate teaching and research assistants employed by the
qualifi ed educational institutions may also be excluded from gross income.
¶5235 Dependent Care Assistance Programs
Dependent care assistance benefi ts paid under an employer plan are excludable from the employee’s gross
income, subject to an earned income limitation. The exclusion for employer-provided dependent care assistance is
limited to $ 5,000 a year ($ 2,500 for a married individual fi ling separately). The taxpayer identifi cation number of
the person performing the child or dependent care services must be included on the employee’s return.
¶5255 Military Benefi ts
Qualifi ed military benefi ts are excluded from gross income. Qualifi ed military benefi ts are benefi ts that, as
of September 9, 1986, were excludable by law. Military retirement pay must be included in gross income. However,
veterans’ benefi ts are excludable from gross income.
P5-4 5 p5-45 5201 Multiple Choice—Educational Expenses
45. c. Ralph should exclude $ 2,600 from his gross income. Tuition reimbursement for classes may be excluded
from gross income. Ralph cannot exclude the reimbursement for transportation expenses.
P5-4 6 p5-46 5201 Multiple Choice—Fellowships
46. a. Amounts received for teaching or as a laboratory assistant are fully taxable. Qualifi ed scholarships
include payments for tuition and fees, books, equipment, and supplies required for the student’s course of
instruction. P5-4 8 p5-48 tax return Comprehensive Problem (Tax Return Problem)—Taxable Income Computation
48. Rodney and Alice have taxable income of $ 53,748, computed as follows:
Salary—Rodney $ 45,000
Premium on life insurance over $ 50,000 48
Interest on deposits 400
Gross income $ 94,298
Less: Itemized deductions 15,000
Less: Personal exemptions (7 × $ 3,650) 25,550
Taxable income $ 53,748
53,748 p age 5-12 w+h+3c+2p 57165 -2200
52315 PARAGRAPH SECTION OF TEXT TO QUESTIONS AND PROBLEMS
CHAPTER 4 GROSS INCOME
Topical List of Questions
1. Economic, Legal, and Accounting Income (¶4101, ¶4125 and ¶4201)
2. Economic Benefi t and Constructive Receipt Doctrines (¶4101 and ¶4125)
3. Assignment of Income Doctrine (¶4201)
4. Compensation—Salary Advances (¶4101)
5. Payroll Purchases of Savings Bonds (¶4101)
6. Compensation v. Gifts (¶4325)
7. Scholarships (¶4345)
8. Business Sales Expenses (¶4355)
9. Lessee Improvements (¶4395)
10. Stock Dividends (¶4401)
11. Dividend Income—Stocks and Bonds (¶4201)
12. Alimony Payments (¶4451)
13. Nonqualifying Alimony Payments (¶4451)
14. Alimony “Front-Loading” Provisions (¶4451)
15. Child Support Payments (¶4451)
16. Divorce—Life Insurance Premiums (¶4451)
17. Divorce—Alimony (¶4451)
18. Multiple Choice—Qualifi ed Scholarship (¶4345)
19. Nonbusiness Bad Debt (¶4485)
20. Nonbusiness Bad Debt (¶4485)
Topical List of Problems
21. Constructive Receipt (¶4125 and ¶4315)
22. Community Property (¶4215)
23. Gifts and Barter (¶4315)
24. Prizes and Awards (¶4345)
25. Rent and Security Deposits (¶4395)
26. Constructive Receipt (¶4125 and ¶4315)
27. Stock Dividends (¶4401)
28. Stock Sales Gain Computation (¶4401)
29. Dividends—Life Insurance (¶4401)
30. Compensation (¶4315)
31. Leasehold Improvements (¶4395)
32. Divorce Payments (¶4451)
33. Alimony Recapture (¶4451)
34. Alimony Recapture (¶4451)
35. Divorce and Child Support (¶4451)
36. Compensation (¶4301 and ¶4315)
37. Gross Income and Adjusted Gross Income (¶4301)
38. Rental Income: Taxable Income Computation (¶4395)
39. Forgiveness of Debt (¶4485)
40. Insolvent Taxpayer (¶4485)
41. Incentive Stock Options (¶4615)
42. Multiple Choice—Rental Income (¶4395)
43. Multiple Choice—Rental Income (¶4395)
44. Multiple Choice—Alimony (¶4451)
45. Multiple Choice—Divorce (¶4451)
46. Multiple Choice—Alimony (¶4451)
47. Multiple Choice—Constructive Receipt Income (¶4125)
48. Multiple Choice—Dividend Income (¶4401)
49. Comprehensive Problem—Taxable Income Computation
50. Comprehensive Problem—Tax Due Computation
51. Research Problem—Constructive Receipt Doctrine CHAPTER 5 GROSS INCOME--EXCLUSIONS
Topical List of Questions
1. Tax Exclusion v. Tax Deduction (Overview)
2. Life Insurance Proceeds (¶5015)
3. Social Security Benefi ts (¶5055)
4. Social Security Benefi ts (¶5055)
5. Savings Bond Interest (¶5075)
6. Private Activity Bonds (¶5075)
7. Annuities (¶5125)
8. Annuity Exclusion (¶5125)
9. Compensation for Injuries or Sickness (¶5145)
10. Employer Contributions to Accident and Health Plans (¶5155)
11. Cafeteria Plans (¶5195)
12. Joint and Survivor Annuities (¶5125)
13. Fringe Benefi ts (¶5195)
14. Comprehensive List of Gross Income Exclusions
15. Exclusion of Meals (¶5185)
16. Educational Assistance Plans (¶5201)
17. Educational Assistance Plans (¶5201)
18. Group-Term Life Insurance (¶5115)
Topical List of Problems
19. Gift Income (¶5001)
20. Unemployment Compensation and Disability Income (¶5145 and ¶5155)
21. Workers’ Compensation (¶5145 and ¶5155)
22. Pension Income (¶5055)
23. Retirement Income (¶5115)
24. Social Security Benefi ts (¶5055)
25. Group Insurance (¶5155)
26. Investment Income (¶5075)
27. Social Security Benefi ts (¶5055)
28. Social Security Benefi ts (¶5055)
29. Joint and Survivor Annuity (¶5125)
30. Annuity: Exclusion Ratio (¶5125)
31. Annuity: Taxable Portion (¶5125)
32. Annuity Income: Cost-of-Living Increase (¶5125)
33. Joint and Survivor Annuity (¶5125)
34. Annuity Exclusion Computation (¶5125)
35. Educational Savings Bonds (¶5075)
36. Punitive Damages (¶5145)
37. Damages Awards and Legal Fees (¶5145)
38. Damages Awards (¶5145)
39. Compensation for Injuries (¶5145 and ¶5155)
40. Meals and Lodging (¶5185)
41. Multiple Choice—Life Insurance (¶5145)
42. Multiple Choice—Social Security (¶5075)
43. Multiple Choice—Fringe Benefi ts (¶5101)
44. Multiple Choice—Series EE Savings Bonds (¶5075)
45. Multiple Choice—Fellowships (¶5201)
46. Multiple Choice—Educational Expenses (¶5201)
47. Multiple Choice—Exclusions from Income (¶5145)
48. Comprehensive Problem—Taxable Income Computation
49. Comprehensive Problem—Taxable Income Computation
50. Research Problem—Supplemental Group-Term Life Insurance Chat Cpt 4
chat Chat Cpt 5
tax problem ...
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- Fall '11