Under the Internal Revenue Code, “gross income” is defined as broadly as possible and it narrowly construes exclusions from income and deductions. IRC §104 provides is […]
The general rule is all items received constitute “gross income” and are taxed. However, IRC §104(a)(1) provides an important exception to this rule. Section 104(a)(1) excludes […]
Certain disability payments are excluded from gross income under Section 104(a)(1), and therefore receive special tax treatment. However, those disability payments must be received under a […]
As a general rule, Social Security disability benefits do not receive special tax treatment under Section 104. This is because they do not constitute “workers compensation […]
As a general rule, retirement, pensions, and annuity payments do not receive special tax treatment under Section 104, to the extent the amount paid is determined […]
The general rule is all items received constitute “gross income” and are taxed. IRC §104(a)(3) provides an important exception to this rule. Section 104(a)(3) excludes from […]
