ACCT 3221 Chapter : Chapter 5 Notes
Document Summary
Made out of affection, respect, admiration, charity, or donative intent. Nontaxable to extent of tuition and related expenses. The annuity rules are used to apportion pmt btw the. Fees, books, supplies, and equipment required for courses. Amounts rec"d for room and board are taxable. If decedent had a nonforfeitable right to payments (accrued salary) amts are taxable to employee. Surviving spouse and children performed no services for employer. Decedent had been fully compensated for services rendered, and. Pmts made pursuant to bod"s resolution under a general company policy. Gain must be recognized to extent amt received exceeds premiums paid on policy. Exclusion for chronically ill is limited to amts used for l-t care.
