REV RUL 2009 - Part 1 Section 61.Gross income defined 26...

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Section 61.—Gross income defined 26 C.F.R. 1.61-1(a): Gross income Rev. Rul. 2009-19 ISSUE If a homeowner benefits from Pay-for-Performance Success Payments under the United States Government’s Home Affordable Modification Program (HAMP), are those payments excludable from income under the general welfare exclusion? FACTS The deep contraction in the economy and in the housing market has created stress for homeowners throughout the country. Large numbers of homeowners are struggling to afford their current monthly mortgage payments and are at risk of losing their homes. In response, the United States Government announced the Homeowner Affordability and Stability Plan (the Plan), which helps at-risk homeowners modify their mortgages to avoid foreclosure. HAMP, a key component of the Plan, helps homeowners who have defaulted, or are at risk of default, on their mortgages because, for example, they are suffering
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This note was uploaded on 11/17/2011 for the course ACCY 312 taught by Professor Vare during the Fall '11 term at University of Illinois at Urbana–Champaign.

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REV RUL 2009 - Part 1 Section 61.Gross income defined 26...

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