Difference between revisions of "Federal Income Tax"

From Clever Camel Wiki
Jump to navigationJump to search
Line 7: Line 7:
  
 
[[ Burnet v. Sanford & Brooks Co.]]
 
[[ Burnet v. Sanford & Brooks Co.]]
 +
 +
=== Claim of Right ===
 +
[[North American Oil Consolidated v. Burnet]]
  
 
== Statutes ==
 
== Statutes ==
 
* 172: Net operating loss carryovers
 
* 172: Net operating loss carryovers

Revision as of 14:44, 17 May 2010

What is Income?

Annuities and Pension

  • To determine tax for annuities, calculate an exclusion ratio and then you are taxed on the ratio multiplied by the yearly payout. See rule 72.
  • For pensions, the employer contribution is taxable but the employee contribution is treated like the annuity (deferred taxation). Se rule 72.

Cases

Commissioner v. Duberstein

Burnet v. Sanford & Brooks Co.

Claim of Right

North American Oil Consolidated v. Burnet

Statutes

  • 172: Net operating loss carryovers