Class 2,3; Scope Of Gross Income Flashcards

1
Q

Glenshaw Glass elements of Gross Income

A
  1. Accession to wealth (you have something today that you didn’t have yesterday
  2. Clearly realized mere/naked receipt or conversion of property into money or other property)
    3.Taxpayer has complete dominion
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Factors not taken into account when determining whether something qualifies as gross income
IRC §61(a) and Tres. Reg.§1.61 - 1(a)

A

1) The source
2) how the income was realized → form does not matter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What does not count as gross income?

A
  1. Use of property already owned by taxpayer (Independent Life Ins. Co.)
  2. Loans (based on obligations to repay, negating any accession to wealth)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Treasure trove

A

Reportable when you find it

Tres. Reg. § 1.61 - 14

How well did you know this?
1
Not at all
2
3
4
5
Perfectly