This course covers income that is both taxable and nontaxable. It covers various types of income and explains whether they are taxable or not. There are examples throughout. Types of income covered in this course include but are not limited to Wages, Fringe Benefits, bartering income, rents, royalties, life insurance, and public assistance benefits.
At the end of this course, you will have a good understanding of what income to include on the tax return and what income is exempt.
Also included in this course is a recent court case:
JONATHAN E. STROMME AND MARYLOU STROMME, Petitioners v
COMMISSIONER OF INTERNAL REVENUE, Respondent Filed March 13, 2012. This case involves the exclusion of payments received to provide foster care under IRC sec 131. Taxpayers lost this case.