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Cesarini v United States
If you find cash, it's included as ordinary income in the year you found it. (piano)
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Old Colony Trust v Commissioner
If someone pays your tax due, that pmt should be included in your gross income.
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Commissioner v Glenshaw Glass Co.
Punitive damages qualify as income
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Dean v Commissioner
House transferred to company owned by Dean due to financial distress. FMV of rent to be included as income.
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Duberstein
gift is given out of detached and disinterested generosity due to affection, respect, admiration, charity, or like impulses.
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Gifts and inheritances
generally excludable form gross income.
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Gifts made by employers to employees
generally includable in gross income. Except for traditional retirement gifts and certain employee awards which can be excluded. De minimis fringes are also excludable.
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Fringe benefits
excludable from gross income
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Fringe benefit � no additional cost service
At no addt�l cost to employer
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Fringe benefit � qualified employee discount
Services� 20% of orig price; Property� profit margin (sales price � cost)/sales price
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Fringe benefit � working condition fringe
Would be deductible by employee if employee paid themselves
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Fringe benefit � de minimis
So small, administratively impractible to track (personal use of copier)
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Fringe benefit � qualified transportation
Transit pass, token, fare card
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Fringe benefit � qualified moving expense reimbursement
Would be deductible b employee if paid themselves
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Fringe benefit � qualified retirement planning services
Retirement planning advice offered by employer
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Fringe benefit � athletic facilities
On premises athletic facilities
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Employer provided meals
Excluded if on the premises and for the convenience of the employer
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Employer provided lodging
Excluded if required as a condition of employment, on the premises, for convenience of employer
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Gain on sale of principal residence
exlusion up to 250/500k, must live in 2 of last 5 years, allowed once every 2 years
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Ownership test - gain on sale of principal residence
Use pro-rata calc if forced to move due to 1. change of employment 2. health reasons 3. unforseen circumstances (see regs)
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Non-qualified use on sale of house (post 2008)
total non-qual use/total period of ownership * gain = percentage of gain that is taxable
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Income earned abroad
Excludable if bona fide resident for entire taxable year, or present in foreign country for 330 days of the preceeding 12 months. $91,500 max exclusion
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Foreign houseing allowance
Excludable if paid by employer, deductible if you pay, only one house (unless dangerous conditions), $27,450 max.
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Prizes and awards
generally included as gross income
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