According to section 987's legislative history, taxpayers should adjust taxable
income or loss to the extent the value of the local currency at the time of remittance differs from the value when the amount was earned or otherwise recorded in the QBU's capital.
In essence, they will be taxable
to the plan participant, who must then claim an itemized income tax charitable deduction after the contribution.
The failure to properly determine and report the taxable
amounts of awards or settlements can result in severe penalties to the payer.
Is this $10,000 buy down taxable
in 2005 when they sold the purple duplex or in 2006 when they bought the New Property?
Computer equipment Not taxable
on first pounds 2,500
If you buy just before a mutual fund's capital gains distribution, you're buying taxable
income," says Eardley Willock, tax manager in the New York office of the accounting firm Grant Thornton.
Under the Statement 96 assumption of "no future events," the reversals are the first, and indeed the only, items entering into future taxable
The nondeductible portion must be included in taxable
income for the year of receipt.
She excluded the $11,855 of workers' compensation as "not paid by SSA" because she believed the workers' compensation offset was not includable in taxable
In the last few years, the Internal Revenue Service (IRS) has provided specific guidelines for qualified tenant construction allowances not to be treated as taxable
When the taxable
preferred share rules were first introduced in June 1987, shares subject to the taxable
preferred share regime were excluded from the TPS rules.