Sections 264, 265, and 911 would continue to apply a forward-disallowance rule for deductions relating to excludible
life insurance, tax-exempt income, and excluded foreign source earned income.
If the award is for pain and suffering, related to the back injury, the amount received is excludible
The $700 would be excludible
from the employee's gross income under the "no additional cost" services rule.
Related to food and beverages excludible
as de minimis fringe benefits (section 274(n)(2)(B)).
Consequently, it appears that gain from an elective deemed sale of a principal residence may not be excludible
under IRC Sec.
In this situation, the excludible
amount of interest is based upon a fraction which must be applied to the total interest income.
2011), the Fifth Circuit affirmed the district court's ruling that USF payments received by AT&T from various federal and state government entities were not excludible
from gross income as nonshareholder contributions to capital under Sec.
Helvering (35-1 USTC [paragraph] 9043), 293 US 465,469 (1935), argued the $129,000 of compensation John returned to JMA was excludible
from gross income because the couple was entitled to structure their transactions to pay the least amount of federal income tax.
Under the old law, employer-paid educational expenses of up to $5,250 were deductible by the employer and excludible
from the employee's wages each year.
The earnings from the fund are excludible
from income, including capital gains, interest, and dividends.
Revenue ruling 2003-102 held that an employee's receipt of a reimbursement from an employer-sponsored health flexible spending arrangement (health FSA) under a cafeteria plan, health reimbursement arrangement or other employer health plan for over-the-counter (OTC) drugs is excludible
from gross income under IRC section 105(b); however, amounts an employee pays for dietary supplements are not reimbursable or excludible
, nor can the individual deduct such costs as section 213 medical expenses.
As a result, cash rebates received by residential utility consumers who install energy-saving appliances or devices under load-control or load-management programs would appear to be excludible
from income under new IRC Sec.
162 or 167 to be allowable, those requirements apply in determining whether a property or service is excludible
as a working condition fringe benefit.
State aid is not an IRC section 102 gift, but is excludible
from income under section 139's general welfare exclusion rule.
General welfare exclusion: A private letter ruling involved whether funds received by individuals from a county for various programs--including a job training one and one available to county employees--were excludible
under the general welfare exclusion to Sec.