The Equal Pay Act presents similar issues, and the Supreme Court's decision may affect the Tax Court's current position that liquidated damages under the Equal Pay Act are
excludable.
But a settlement is
excludable from income under [section]104(a)(2) where recovery is considered to be liquidated damages or compensation for emotional distress or loss of personal reputation (but not professional reputation).
Additionally, taxpayers cannot claim this deduction for the amount of a distribution from a qualified tuition plan that is
excludable from income.
The proposed regulations explain that, for purposes of determining the amount of
excludable benefits, there are two categories of transportation fringe benefits: (1) transportation in a "commuter highway vehicle.
Some nontaxable income also qualifies to be included in earned income under EIC: voluntary salary deferrals (401k contributions), military combat pay and basic quarters and subsistence allowances, clergy housing allowances,
excludable dependent care benefits, voluntary salary reductions under a cafeteria plan and the value of meals and lodging provided by an employer (for the convenience of the employer).
The workers' comp claim is settled for $20,000 net after
excludable expenses.
Certain Medicaid waiver payments may be
excludable from the income as difficulty of care payments.
The Economic Growth and Tax Relief Act of 2001 amended the Internal Revenue Code so that "qualified retirement planning services" for employees and their spouses, when paid for by the employer, are considered to be an employer de minimus fringe benefit that is
excludable from gross income and wages for employment tax purposes.
The amount
excludable prior to 2002 is up to $5,000.
Section 104(a)(2) of the tax code provides that, except for punitive damages, amounts that a plaintiff receives for a physical injury are
excludable from his or her gross income.
Before 1996, only
excludable aliens--aliens who were considered to be outside the United States for the purpose of constitutional protection(16)--could be detained indefinitely.
In the case of gas, electricity or steam, the Gross Operating income is
excludable only if the Utility Tax was paid for such Utility Services on a prior sale.
In 1993, in the face of increasing knowledge about the transmission of HIV, President Bill Clinton announced his intention to order HHS to remove HIV infection from the list of
excludable diseases.
His conviction outside the United States renders him
excludable - when there's a conviction for the crime that renders him
excludable,'' Rogers said.
As a result of this closing agreement, the IRS will continue to treat the interest received by the holders of the Bonds as
excludable from gross income.
