Fed Income Tax
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Last updated 1:58 PM on 10/23/25
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4 Terms
1
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Income Tax Definition 1.61
Any income derived any way
2
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Compensation for services
If services are paid for in property, the fair market value of the property taken in payment must be included in income as compensation. → if the services rendered were at stipulated price, the price will be presumed to be the FMV.
3
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Does Gross Income include Punitive Damages
Yes
4
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Does Gross Income Include loans
Yes
Note 
Flashcards (39)