The Internal Revenue Code (Code) does not treat income and deductions equally. Generally, all economic benefits received by a taxpayer, not a gift, are includible in one’s gross income under Section 61 unless specifically...
Monthly Archives: May 2012
PLR SHOWS HOW TO SETTLE A MONTHLY ALIMONY OBLIGATION FOR A LUMP SUM PAYMENT WITHOUT ADVERSE TAX CONSEQUENCES
May 12, 2012
The spouses had entered into a separation agreement (MSA) before 1985 which was incorporated into a final judgment of divorce, although not merged into the judgment. The MSA provided that the husband would pay to the wife as...
This is another lower court case not particularly significant as precedent but having some interesting aspects and leaning value. The District Court granted theU.S.’s Motion for Summary Judgment in its suit to obtain a...