Identifying Proper Taxpayer Flashcards
1
Q
Income from Services
A
Tax the income from services to the PERSON WHO PERFORMED the services
2
Q
Income from Property
A
Tax the income from property to THE OWNER of the property
3
Q
Kiddie Tax
A
When a parent transfers INCOME-PRODUCING investment assets to a minor child
The unearned income of the minor child will be taxed at the same rates applicable to trusts and estates
