IRC Flashcards.txt

Gross Income

Specific income inclusions

Specific income exclusions

Dependents (qualifying child or relative)

Gifts and Inheritances

Fringe benefits

If you find cash, it's included as ordinary income in the year you found it. (piano)

If someone pays your tax due, that pmt should be included in your gross income.

Punitive damages qualify as income

House transferred to company owned by Dean due to financial distress. FMV of rent to be included as income.

Identifies which dedcutions can be taked above the line

Taxable income defines

Cannot duplicate above the line deductions below the line as itemized deductions