Second, we limit our analysis to families that report an omnibus income amount
. By limiting our analysis to reported omnibus income amounts
of the family of the household reference person who is in their first or fifth month of interviewing we ensure that the responses given to the questions are given as part of the same monthly interview.
Previously, an accrual method taxpayer was not required to include in income amounts
to be received for services which, based on experience, will not be collected--if the taxpayer does not charge interest or a penalty for failure to timely pay the amount charged.
The group then aggregates these separate taxable income amounts
. As a result, the group's consolidated net operating loss is the sum of each member's separate taxable income, adjusted for items determined on a consolidated basis.
(These net amounts flowed from the second-tier to the first-tier partnerships.) The record in Harlan did not contain the gross income amounts
from the second-tier partnerships, but did contain gross income, net income and loss amounts from the first-tier Pacific real estate partnership.
104(a)(1) excludes from gross income amounts
received under workers' compensation acts as compensation for personal injuries.
Even though future taxable income amounts
exceed future tax deductions, this pattern assures realization of only $50,000 of the future tax deduction (carryback from year five to year two).
1.527-5(c)(1) treats as income amounts
held in a fund when they are no longer held in reasonable anticipation of a political campaign.