ACCT 3221 Chapter : Chapter 3 Outline
Document Summary
Chapter 3 - tax formula and tax determination; Income -broadly conceived nontaxable: essentially equivalent to gross receipts, includes all the taxpayer"s income, both taxable and, does not include, a return of capital. Partial list of exclusions from gross income military) sickness. Group term life insurance: accident insurance proceeds. Child support payments: cost-of-living allowance (for, damages for personal injury or. Interest from state and local premium paid by employer (for coverage up to ,000) Life insurance paid on death (i. e. , municipal) bonds. Gross income for employer"s convenience: meals and lodging (if furnished, military allowances, minister"s dwelling rental value, railroad retirement benefits (to a allowance limited extent) Scholarship grants (to a limited extent) limited extent) Social security benefits (to a: unemployment compensation (to a limited extent, veterans" benefits, welfare payments, workers" compensation benefits, the internal revenue code defines gross income broadly as. Annuities (income element: awards, back pay, bargain purchase from employer, bonuses, breach of contract damages.
