There is no specific statutory exclusion for welfare benefits. Nevertheless, the IRS has ruled that such benefits aren’t taxable. Is this within the authority of the IRS? Most exclusions exist for just one of two reasons. What are those reasons? Give examples of exclusions that exist for every. If a present of property is manufactured, who is taxed on income made by the property?
How can interfamily presents reduce a family’s total tax responsibility? What role will intent play in identifying whether a transfer is a gift and for that reason not at the mercy of the income tax? Are tips received by employees from customers excludable from revenues as gifts? What is the tax need for the face amount of a full life insurance coverage? Define the word scholarship as it is utilized in Sec.
If a scholarship covers room and plank, could it be excludable? If an employer provides a scholarship to a worker who is on leave of absence, is that scholarship taxable? May be the amount paid with a college or university to students for services excludable from the students’ revenues? Answer the following questions relative to employer-financed medical and health, impairment, and life insurance programs. May employers deduct monthly premiums paid on employee insurance? Do employees have to include such monthly premiums in revenues? Are benefits paid to the employee contained in the employee’s gross income?
What conditions must be fulfilled if an employee is to exclude foods and lodging equipped by an company? Will …