Tax I.txt

  1. Cesarini v United States
    If you find cash, it's included as ordinary income in the year you found it. (piano)
  2. Old Colony Trust v Commissioner
    If someone pays your tax due, that pmt should be included in your gross income.
  3. Commissioner v Glenshaw Glass Co.
    Punitive damages qualify as income
  4. Dean v Commissioner
    House transferred to company owned by Dean due to financial distress. FMV of rent to be included as income.
  5. Duberstein
    gift is given out of detached and disinterested generosity due to affection, respect, admiration, charity, or like impulses.
  6. Gifts and inheritances
    generally excludable form gross income.
  7. 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.
  8. Fringe benefits
    excludable from gross income
  9. Fringe benefit � no additional cost service
    At no addt�l cost to employer
  10. Fringe benefit � qualified employee discount
    Services� 20% of orig price; Property� profit margin (sales price � cost)/sales price
  11. Fringe benefit � working condition fringe
    Would be deductible by employee if employee paid themselves
  12. Fringe benefit � de minimis
    So small, administratively impractible to track (personal use of copier)
  13. Fringe benefit � qualified transportation
    Transit pass, token, fare card
  14. Fringe benefit � qualified moving expense reimbursement
    Would be deductible b employee if paid themselves
  15. Fringe benefit � qualified retirement planning services
    Retirement planning advice offered by employer
  16. Fringe benefit � athletic facilities
    On premises athletic facilities
  17. Employer provided meals
    Excluded if on the premises and for the convenience of the employer
  18. Employer provided lodging
    Excluded if required as a condition of employment, on the premises, for convenience of employer
  19. Gain on sale of principal residence
    exlusion up to 250/500k, must live in 2 of last 5 years, allowed once every 2 years
  20. 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)
  21. Non-qualified use on sale of house (post 2008)
    total non-qual use/total period of ownership * gain = percentage of gain that is taxable
  22. 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
  23. Foreign houseing allowance
    Excludable if paid by employer, deductible if you pay, only one house (unless dangerous conditions), $27,450 max.
  24. Prizes and awards
    generally included as gross income
Card Set
Tax I.txt