The court allocated the other half to punitive damages which it held includable
because they were not compensatory in nature according to the state law.
Federal income tax and such distributions will generally be subject to state and local taxes, and (ii) includable
in taxable income for purposes of the Federal alternative minimum tax.
103) The Heartland Disaster Tax Relief Act of 2008 states that gross income will not include any amount of income which would normally be includable
in gross income by reason of the discharge of indebtedness of a person whose principal place of abode was in the Midwestern disaster area.
The pro rata share of foreign income includable
in the U.
147) The contributions to these plans are excludable or deductible, and withdrawals are includable
Consolidation can also be made at just the 80 percent level, limiting includable
businesses to only those where ownership is no less than 80 percent.
Although the specialized hand controls for driving it and the wheelchair lift for entering and leaving it are now routinely includable
under the definition of medical expenses, the car itself is not deductible.
This release references barrels of oil and gas reserves that are potentially recoverable over time that may not comply with the SEC's guidelines as to reserve information includable
in filings with the SEC.
Therefore, the court found that the $10,032 was a deemed distribution includable
in income and that the distribution did not meet any of the exceptions of section 72(0 and thus was subject to the 10% penalty.
The original PIP statute, enacted in 1971, defined the amount payable in disability benefits as, "[o]ne hundred percent of any loss of gross income and loss of earning capacity per individual, unless such benefits are deemed not includable
in gross income for federal income tax purposes, in which event such benefits shall be limited to 85 percent, from inability to work proximately caused by the injury sustained by the injured person.
Expressed another way, the amount includable
in the decedent's estate to produce the annuity payment will likely be the balance (if not more) of the GRAT.
The income would be currently includable
, except to the extent of any contingent payments, which would be recognized when accrued or received, as the case may be.
In Situation 2, where the governing instrument requires the trustee to reimburse G from Trust's assets for the amount of income tax paid by G, the full value of Trust's assets, $1,500,000, is includable
in G's gross estate upon his death because G has retained the right to have Trust property expended in discharge of G's legal obligation.
If the taxpayer may take the expenditure into account, (82) the expenditure is either (1) current and deductible or (2) capital and includable
in basis because the expenditure becomes part of property that the taxpayer does not consume immediately in her income-producing activity.
22) This section imposes an additional nondeductible tax equal to 10 percent of the portion of any distribution from a qualified retirement plan that is includable
in the taxpayer's gross income.