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Most recents (1)
1) 26 USC Sec. 1 imposes tax on “taxable income”.
“Taxable income” is gross income minus deductions.
26 CFR Sec. 1.61-1 says “gross income” means all income...UNLESS EXCLUDED BY LAW.
🤔
Current Regs use various terms to describe income “excluded by law” from “gross income”:
“Taxable income” is gross income minus deductions.
26 CFR Sec. 1.61-1 says “gross income” means all income...UNLESS EXCLUDED BY LAW.
🤔
Current Regs use various terms to describe income “excluded by law” from “gross income”:
2) 26 CFR 1.265-1 uses the phrase “class of exempt income” & say this means any class of income which is:
i) Wholly excluded from gross income under any provision of Subtitle A OR
ii) Wholly excluded from the taxes imposed by Subtitle A under provisions of ANY OTHER LAW 🤔
i) Wholly excluded from gross income under any provision of Subtitle A OR
ii) Wholly excluded from the taxes imposed by Subtitle A under provisions of ANY OTHER LAW 🤔
3) 26 CFR 1.312-6 uses the phrase “income not taxable by the Federal Governent under the Constitution...”
Wait! Doesn’t the 16th Amendment authorize taxation of ALL income? Apparently not!
Wait! Doesn’t the 16th Amendment authorize taxation of ALL income? Apparently not!
