1040 Preparation and Planning: Gross Income: Exclusions from Gross Income (Currently Unavailable)

Author: Barbara Weltman, Sidney Kess

Gross income is all wealth that flows to the taxpayer other than as a mere return of capital, provided that it is not specifically excluded. This course explains what an exclusion is, reviews exclusions from gross income, including tax treatment of gifts and inheritances, taxable and tax-free damages, and miscellaneous tax-free income.

Publication Date: December 2016

Designed For
Tax practitioners

Topics Covered

• Exclusions from gross income
• Tax treatment of gifts and inheritances
• Taxable and tax-free damages
• Miscellaneous tax-free income

Learning Objectives

• Explain the concept of an exclusion
• Describe the tax treatment of gifts and inheritances
• Distinguish between taxable and tax-free damages
• List miscellaneous income that is tax free

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (1 hour)

Program Prerequisites
None

Advance Preparation
None