Tax project 3 - Jordan Evans Tax project#3 1 IRC 112...

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Jordan Evans Tax project #3 1) IRC 112 CERTAIN COMBAT ZONE COMPENSATION OF MEMBERS OF THE ARMED FORCES 112(a) Enlisted Personnel.— Gross income does not include compensation received for active service as a member below the grade of commissioned officer in the Armed Forces of the United States for any month during any part of which such member— 112(a)(1) served in a combat zone, or 112(a)(2) was hospitalized as a result of wounds, disease, or injury incurred while serving in a combat zone; but this paragraph shall not apply for any month beginning more than 2 years after the date of the termination of combatant activities in such zone. With respect to service in the combat zone designated for purposes of the Vietnam conflict, paragraph (2) shall not apply to any month after January 1978.112(b) Commissioned Officers.— Gross income does not include so much of the compensation as does not exceed the maximum enlisted amount received for active service as a commissioned officer in the Armed Forces of the United States for any month during any part of which such officer— 112(b)(1) served in a combat zone, or 112(b)(2) was hospitalized as a result of wounds, disease, or injury incurred while serving in a combat zone; but this paragraph shall not apply for any month beginning more than 2 years after the date of the termination of combatant activities in such zone. With respect to service in the combat zone designated for purposes of the Vietnam conflict, paragraph (2) shall not apply to any month after January 1978. 2)Regulation 1.164-1 Deduction for taxes (a) In general .— Only the following taxes shall be allowed as a deduction under this section for the taxable year within which paid or accrued, according to the method of accounting used in computing taxable income: (1) State and local, and foreign, real property taxes. (2) State and local personal property taxes. (3) State and local, and foreign, income, war profits, and excess profits taxes. (4)
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This note was uploaded on 03/26/2012 for the course ACCT ACCT210 taught by Professor Challanworthington during the Spring '10 term at S. Alberta Tech.

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Tax project 3 - Jordan Evans Tax project#3 1 IRC 112...

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