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William D. Randall's Blog (of no particular interest to no one in particular)
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"We Have Just Begun to Fight...." Winston Churchill "Audentes Fortuna Juvat" - "Fortune Favors the Bold"
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Saturday, April 21, 2007
FINALS BLOGGING SERIES: FIT* The following is a short practice exam answer that was prepared for my Federal Income Taxation class. I'm awating feedback from my professor, but I think I hit all the highlights. --------------------------------------- Under §61(a), any income derived from any source whatsoever is taxable. Income includes income realized in any form, whether in money, property, or services. §1.61-1(a). More specifically, an undeniable accession to wealth, clearly realized, and subject to the Taxpayer’s (TP) dominion and control, will be deemed income for purposes of §61(a). Glenshaw Glass. The finder of treasure trove, to the extent of its value in Unless excepted by another provision in the code, Legolas will be required to report the gain realized from the sale of the ring to Frodo as gross income for the 2002 tax year under §61(a). Labels: Finals Blogging Series
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