Gross income includes compensation for services, including fees, commissions, fringe benefits,
and similar items.
Examples of excludable fringe benefits include qualified tuition reductions provided to an employee, meals or lodging furnished to an employee for the convenience of the employer, benefits provided under a dependent care assistance program, and no-additional-cost services, qualified employee discounts, working condition fringes, and de minimis fringes.
5.
What is the tax rule of §264(a)(1)?
No deduction shall be allowed for premiums on any life insurance policy, or endowment or annuity contract, if the taxpayer is directly or indirectly a beneficiary under the policy or contract.
6.
What is the tax rule of §1.262-1(b)(3)?
Expenses of maintaining a household, including amounts paid for rent, water, utilities, domestic service, and the like, are not deductible. A taxpayer who rents a property for residential purposes, but incidentally conducts business there (his place of business being elsewhere) shall not deduct any part of the rent. If, however, he uses part of the house as his place of business, such portion of the rent and other similar expenses as is properly attributable to such place of business is deductible as a business expense.
7.
What is the issue and ruling in Rev. Rul. 2022-15?
Quarterly interest rates
For calendar quarter beginning 10/1/2022, interest rates will be 6% for noncorp. overpayments, 6% for underpayments, 5% for regular corp. overpayments, 3.5% for portion of
corp. overpayments exceeding $10,000, and 8% for large corp. underpayments.
8.
What is the subject matter of Rev. Proc. 2021-14?
Net operating losses—farming loss—elections; carrybacks; waiver; CARES Act amendments; consolidated groups.
9.
What is the issue and ruling in PLR 7817016?
Issue
: a ruling regarding the federal income tax consequences of amounts received by a student of X while engaged in the required internship with a congregation.
Ruling
: Accordingly, amounts received by the intern for a congregation are not excludable under section 117 of the Code, but are includible in gross income under section 61 of the Code.5.
