I.R.C. § 102 Archives - FREE Yourself from IRS Problems

Shamsey Oloko March 30, 2016 Estate Tax, Gift Tax, Gifts, Income Tax, Inheritances, Internal Revenue Code, IRC Section 61, New York Estate Tax, Representation, Taxable Income

Gifts and Inheritances Under the Tax Code (26 U.S.C. §102)

Section 61 of the Tax Code states that “except as otherwise provided in this subtitle gross income means all income from whatever source derived”. Thus, the federal tax law requires taxpayers to pay income taxes on earnings, commissions, rents, royalties,…