(a) In general. In addition to the items enumerated in section 61(a), there are many other kinds of gross income. For example, punitive damages such as treble damages under the antitrust laws and exemplary damages for fraud are gross income. Another person's payment of the taxpayer's income taxes constitutes gross income to the taxpayer unless excluded by law. Illegal gains constitute gross income. Treasure trove, to the extent of its value in United States currency, constitutes gross income for the taxable year in which it is reduced to undisputed possession.
(b) Cross references. (1) Prizes and awards, see section 74 and regulations thereunder;
(2) Damages for personal injury or sickness, see section 104 and the regulations thereunder;
(3) Income taxes paid by lessee corporation, see section 110 and regulations thereunder;
(4) Scholarships and fellowship grants, see section 117 and regulations thereunder;
(5) Miscellaneous exemptions under other acts of Congress, see section 122;
(6) Tax-free covenant bonds, see section 1451 and regulations thereunder.
(7) Notional principal contracts, see § 1.446-3.
[T.D. 6500, 25 FR 11402, Nov. 26, 1960, as amended by T.D. 6856, 30 FR 13316, Oct. 20, 1965; T.D. 8491, 58 FR 53127, Oct. 14, 1993]
Notes of Decisions
Cited in
31
cases, 1971–1998 · leading case:
Miller v. Comm'r, 93 T.C. 330 (Tax Ct. 1989).
Miller v. Comm'r, 93 T.C. 330 (Tax Ct. 1989).
· cites it 4× “Held, further , any portion of the settlement proceeds characterized as punitive damages are nevertheless excluded from gross income by sec. 104(a)(2). Commissioner v.”
Roemer v. Comm'r, 79 T.C. 398 (Tax Ct. 1982).
· cites it 2× “The record does not show whether the petitioner received any tax benefit by claiming such costs as deductions in years prior to 1975.”
Reading & Bates Corp. v. United States, 40 Fed. Cl. 737 (Fed. Cl. 1998).
“”) The question in this case, therefore, is not whether, but when plaintiff realized income from the WEPCO indemnification agreement.”
Elizabeth A. Reese v. United States, 24 F.3d 228 (Fed. Cir. 1994).
“See 26 C.F.R. § 1.61-14 (a) (1987) (“[Pjunitive damages such as treble damages under the antitrust laws and exemplary damages for fraud are gross income.”
Concord Instruments Corp. v. Comm'r, 67 T.C.M. 3036 (Tax Ct. 1994).
· cites it 2× “In Old Colony Trust the taxpayer's employer paid the taxpayer's income taxes in consideration of the taxpayer's labor and services.”
Green v. Comm'r, 65 T.C.M. 2347 (Tax Ct. 1993).
· cites it 2× “Petitioner contends that under the claim of right doctrine the amounts which he converted from the Southwestern Bank safe-deposit box on January 11, 1983, constitute income in the taxable *192 year 1982 if the amounts constitute income at all.”
Cruea v. Comm'r, 50 T.C.M. 1377 (Tax Ct. 1985).
· cites it 2× “Cruea's aunt and mother endorsed, cashed, and used the proceeds of their respective checks for their own personal benefit.”
Morrison v. Comm'r, 42 T.C.M. 1514 (Tax Ct. 1981).
· cites it 2× “*132 Petitioner's argument that he should be entitled to offset embezzlement income with amounts subsequently repaid is not based on any particular section of the Internal Revenue Code, but rather is based on what petitioner calls concepts of "fairness.”
Rickel v. Comm'r, 92 T.C. 510 (Tax Ct. 1989).
· cites it 2× “Depending on the nature of the claim, amounts awarded as punitive damages may be includable in gross income. Commissioner v.”
Mahler v. Comm'r, 52 T.C.M. 1552 (Tax Ct. 1987).
· cites it 2× “With respect to petitioner's argument that the trust should pay taxes on the income received by petitioner, we note that section 61 requires that petitioner account for the payment of such taxes in gross income.”
Alevras v. Comm'r, 54 T.C.M. 735 (Tax Ct. 1987).
· cites it 2× “Unreported interest income, if any, is included as a pro rata portion of the $ 90,815.”
Moskovitz v. Comm'r, 52 T.C.M. 98 (Tax Ct. 1986).
· cites it 2× “Levy, which she failed to include in her gross income in each of the taxable years 1973 through 1975. We agree. *288 Section 61(a) defines gross income as "all income from whatever source derived * * *.”
Annotations are extracted automatically from the opinions in the
Syfert caselaw corpus and ranked by authority, recency, and
treatment. Dots show Syfertize treatment of the citing case itself.