Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds,...

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Introduction to Income Taxation Gross Income • General rule… • Exceptions • Life insurance proceeds, municipal bond interest income, gifts • Return of capital • Basis • Buy building for $500,000. Take $200,000 of depreciation over 10 years. Sell building for $800,000.

Transcript of Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds,...

Page 1: Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds, municipal bond interest income, gifts Return of capital.

Introduction to Income Taxation

Gross Income• General rule…

• Exceptions

• Life insurance proceeds, municipal bond interest income, gifts

• Return of capital• Basis

• Buy building for $500,000. Take $200,000 of depreciation over 10 years. Sell building for $800,000.

Page 2: Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds, municipal bond interest income, gifts Return of capital.

Introduction to Income Taxation

Gross Income• General rule…

• Increase in value of asset

• Like kind exchanges of real estate

• Barter

Page 3: Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds, municipal bond interest income, gifts Return of capital.

Constructive receipt

Cash basis versus accrual basis Could I get it if I wanted it?

• Mutual fund dividends reinvested in additional shares

Substantial limitations or restrictions• $50,000 a year bonus for 10 years if…

Page 4: Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds, municipal bond interest income, gifts Return of capital.

Deferred compensation

Unfunded• Unsecured creditor of employer

• Deferred comp not taxable if

• Agreement reached before comp was earned

• Unsecured interest

• Rabbi trust

Funded• Taxable when:

• No longer risk of forfeiture

• Rights in deferred comp can be transferred

Page 5: Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds, municipal bond interest income, gifts Return of capital.

Economic benefit theory

Form of compensation doesn’t matter• Corn, hogs, life insurance policy

Page 6: Introduction to Income Taxation Gross Income General rule… Exceptions Life insurance proceeds, municipal bond interest income, gifts Return of capital.

Assignment of income

Give tree to give apple• If transfer tree, apple is taxed to recipient


P R O C E E D I N G S - Tynwald · 22. Proceeds of Crime Act 2008 – Proceeds of Crime (Money Laundering – Exceptions to Overseas Conduct Defence) Order 2013 approved..... 152

P R O C E E D I N G S - Tynwald · 22. Proceeds of Crime Act 2008 – Proceeds of Crime (Money Laundering – Exceptions to Overseas Conduct Defence) Order 2013 approved..... 152

Exceptions Details

Exceptions Details

Exceptions - vsb.cz · 2006-06-02 · exceptions not specified in the superclass. There are two types of exceptions: runtime exceptions - exceptions that can occur almost everywhere,

Exceptions - vsb.cz · 2006-06-02 · exceptions not specified in the superclass. There are two types of exceptions: runtime exceptions - exceptions that can occur almost everywhere,

Class Scheduling: Exceptions ? What Exceptions ? T2.2 February 5, 2013

Class Scheduling: Exceptions ? What Exceptions ? T2.2 February 5, 2013

MIT AITI 2004 – Lecture 14 Exceptions Handling Errors with Exceptions.

MIT AITI 2004 – Lecture 14 Exceptions Handling Errors with Exceptions.

Income - law.wustl.edu Income T… · Web viewIncome Deductions. Sec 61 - general rule for income sec 262, sec 162, sec 212. Exceptions to sec 61. Everything of economic valuable

Income - law.wustl.edu Income T… · Web viewIncome Deductions. Sec 61 - general rule for income sec 262, sec 162, sec 212. Exceptions to sec 61. Everything of economic valuable

Exceptions Session 21. Memory Upload Creating Exceptions Using exceptions to control object creation and validation.

Exceptions Session 21. Memory Upload Creating Exceptions Using exceptions to control object creation and validation.

Managing Exceptions

Managing Exceptions

Module 7: Training Manual For Handling Exceptions and ... Project Training...Exceptions • Exceptions are therefore, Biometric Exceptions • Exceptions occur when an enrollee is

Module 7: Training Manual For Handling Exceptions and ... Project Training...Exceptions • Exceptions are therefore, Biometric Exceptions • Exceptions occur when an enrollee is

This document is not intended for distribution to ...€¦ · Security payments and pension payouts 3 Loan Proceeds are not considered income and can be used as a tax-free income

This document is not intended for distribution to ...€¦ · Security payments and pension payouts 3 Loan Proceeds are not considered income and can be used as a tax-free income

1 Topics on Exceptions & Assertions Asyncronous Exceptions Using assert.h and signal.h User Defined Exceptions C++ Exceptions Throwing Exceptions Try Blocks.

1 Topics on Exceptions & Assertions Asyncronous Exceptions Using assert.h and signal.h User Defined Exceptions C++ Exceptions Throwing Exceptions Try Blocks.

Exceptional exceptions

Exceptional exceptions

Syllabus for S.Y.B.Sc. Programme: B.Sc. Course: Information … · 2017-05-22 · 5 Exceptions: Built-in Exceptions, Handling Exceptions, Exception with Arguments, User-defined Exceptions

Syllabus for S.Y.B.Sc. Programme: B.Sc. Course: Information … · 2017-05-22 · 5 Exceptions: Built-in Exceptions, Handling Exceptions, Exception with Arguments, User-defined Exceptions

Java Runtime Exceptions User’s Guide - Oracle · The core exceptions can be further classified into the following categories: 1. Runtime Exceptions 2. General Exceptions 3. Validation

Java Runtime Exceptions User’s Guide - Oracle · The core exceptions can be further classified into the following categories: 1. Runtime Exceptions 2. General Exceptions 3. Validation

14b exceptions

14b exceptions

09. Exceptions

09. Exceptions

Effective exceptions

Effective exceptions

Chapter 13 Exception Handling F Claiming Exceptions F Throwing Exceptions F Catching Exceptions F Rethrowing Exceptions The finally Clause F Cautions.

Chapter 13 Exception Handling F Claiming Exceptions F Throwing Exceptions F Catching Exceptions F Rethrowing Exceptions The finally Clause F Cautions.

Exceptions Exception. Exceptions Overview Exceptional Situations Syntax of Try, Catch, Throw Defining and Using Your Own Exceptions.

Exceptions Exception. Exceptions Overview Exceptional Situations Syntax of Try, Catch, Throw Defining and Using Your Own Exceptions.

2019 Oklahoma Individual Income Tax Forms and …(7) Income received from all sources of wagering, games of chance or any other winnings from sources within this state. Proceeds which

2019 Oklahoma Individual Income Tax Forms and …(7) Income received from all sources of wagering, games of chance or any other winnings from sources within this state. Proceeds which