IRC Flashcards.txt

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Author:
Anonymous
ID:
52658
Filename:
IRC Flashcards.txt
Updated:
2010-12-01 13:37:13
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TEST PJK
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TEST PJK
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  1. 61
    Gross Income
  2. 71-90
    Specific income inclusions
  3. 101-114
    Specific income exclusions
  4. 151
    Dependents (qualifying child or relative)
  5. 102
    Gifts and Inheritances
  6. 132
    Fringe benefits
  7. Cesarini v United States
    If you find cash, it's included as ordinary income in the year you found it. (piano)
  8. Old Colony Trust v Commissioner
    If someone pays your tax due, that pmt should be included in your gross income.
  9. Commissioner v Glenshaw Glass Co.
    Punitive damages qualify as income
  10. Dean v Commissioner
    House transferred to company owned by Dean due to financial distress. FMV of rent to be included as income.
  11. 62
    Identifies which dedcutions can be taked above the line
  12. 63
    Taxable income defines
  13. 63(d)
    Cannot duplicate above the line deductions below the line as itemized deductions

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