if the original payment resulted in a tax deduction in one year and the rebate is received in a subsequent year, the tax benefit rule will apply. Generally, if a taxpayer claims a deduction for an item in one year and in a later year recovers all or a portion of the prior deduction, the […]

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The Federal tax law provides two types of programs to help families save for education costs. These savings programs are referred to as the qualified tuition program (§ 529 plans) and Coverdell education savings accounts (§ 530 plans). Similarities between the two plans are that earnings in the accounts are not taxable if distributions are […]

A person who suffers harm caused by another is often entitled to compensatory dam-ages. The tax consequences of the receipt of damages depend on the type of harm the taxpayer has experienced. The taxpayer may seek recovery for (1) a loss of income, (2) expenses incurred, (3) property destroyed, or (4) personal injury. My website: […]

Interest on state and local government obligations was specifically exempted from Federal income taxation. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]

The recipient of a gift of income-producing property is subject to tax on the income subsequently earned from the property. My website: https://farhatlectures.com/ Facebook page: https://www.facebook.com/accountinglectures LinkedIn: https://goo.gl/Pp2ter Twitter: https://twitter.com/farhatlectures Email Contact: [email protected]

Life insurance proceeds paid to the beneficiary because of the death of the insured are exempt from income tax. Generally, if the owner of a life insurance policy cancels the policy and receives the cash surrender value, the taxpayer must recognize gain equal to the excess of the amount received over premiums paid on the […]

Payments or benefits received by a student at an educational institution may be (1) compensation for services, (2) a gift, or (3) a scholarship. If the payments or benefits are received as compensation for services (past or present), the fact that the recipient is a student generally does not render the amounts received nontaxable. My […]

Annuity contracts generally involve the purchaser (the annuitant) paying a fixed amount for the right to receive a future stream of payments. Typically, the issuer of the contract is an insurance company and will pay the annuitant a cash value if the annuitant cancels the contract. The insurance company invests the amounts received from the […]

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