The award was includable
in gross income under section 104(a)(2) since it was not made "by reason of or because of" a personal physical injury (Murphy v.
102) In contrast, SS 61(a)(4) specifically mentions interest as a type of income includable
in a taxpayer's gross income.
31) To the extent chat the recovery is includable
in income, the plaintiff will be enticed to claim a deduction for attorney fees.
Federal income tax, such income may be includable
for purposes of the Federal alternative minimum tax.
Nevertheless, litigators should consider that any termination of a QTIP trust will result in gift taxes which are tax exclusive (no tax upon a tax) and will not be includable
in Daisy's estate at her death.
Earned income for these purposes includes net earnings from self-employment that are includable
in taxable income, as well as combat pay excluded from gross income under section 112.
Under current law, a taxpayer who receives a distribution from a qualified retirement plan prior to age 59 1/2 is taxed an additional 10% on the amount that is includable
in gross income.
Loans withheld by an employer from the payor's bonuses pursuant to an employment agreement and for which the payor received seven-percent interest (the court found this analogous to a short-term deferred compensation agreement and thus includable
Four major pieces of legislation have defined and extended the concept of a controlled foreign corporation and the mechanism by which foreign corporation earnings are includable
in the U.
Also, the amount that would otherwise be deferred compensation is includable
in taxable income.
If certain requirements are not satisfied, all amounts deferred for prior taxable years would be currently includable
in gross income and subject to an additional 20-percent tax.
This often left the individual unable to take complete advantage of the charitable contribution deduction, since the amount includable
in income was not sufficiently offset by the amount of any resulting charitable deduction.