Revenue – primary goal
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§165(a) IFF loss is connected with business or part of transaction undertaken for profit under §165(c)(1) (2)
Gross income defined
– “all income from whatever source derived.”
has additional things specifically included in income (alimony, child support,
§§101-138 – Exclusions –
certain death benefits,
gifts and inheritances
, interest on state and local bonds, compensation for injuries/sickness,
discharge of indebtedness
Income must be both
to be taxed.
from property must be realized
, usually not until property is sold or otherwise disposed of.
– cost – amount paid for or invested in property.
Taxpayer may also have carryover basis established by referring to someone else’s basis.
– adjusted basis. More later.
Gain and loss –
Comparison of amount realized with adjusted basis.
Some losses from property dealings deductible under
IFF loss is connected with business or part of transaction
undertaken for profit under
§165(c)(1) & (2)
or is occasioned by casualty (fire, storm, shipwreck, theft) under
, deductible to extent of gains under
from theft during year of discovery of loss under
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