This course covers Taxable and Non Taxable Income. Income can be received in the form of money, property, or services. This course discusses many kinds of income and explains whether they are taxable or nontaxable. It includes some discussions on employee wages and fringe benefits, and income from bartering, partnerships, S corporations, and royalties. It also includes information on disability pensions, life insurance proceeds, and welfare and other public assistance benefits.

At end of this course you will have a good understanding of what income to include on the tax return and what income is exempt.

At the end of this course we have included 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.