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The court ultimately rejected this argument, concluding that the damages were excludable.
While death-claim proceeds are generally excludable from income,(11) federal estate and state inheritance taxes may pose substantial tax burdens.
For The Three For The Months Ended Year Ended December 31, 2005 December 31, 2005 EBITDA (1) $15,422 $53,980 Adjustments to EBITDA (as defined per credit agreement): Non-cash gains (2) (947) (3,009) Other excludable expenses (3) 1,702 4,953 Adjusted EBITDA (1) $16,177 $55,924 (1) EBITDA and EBITDA as defined in our credit agreement ("Adjusted EBITDA") are non-GAAP measures used by management to measure performance.
Thus, for example, for minimum tax purposes it was intended that section 1211 (limiting capital losses) be computed using minimum tax basis, that section 263A (requiring the capitalization of certain depreciation deductions to inventory) apply with regard to minimum tax depreciation deductions, and that section 265 (relating to expenses of earning tax-exempt income) apply with regard only to items excludable from alternative minimum taxable income.
Taxpayers also cannot claim this deduction for amounts used to determine the amount excludable due to a distribution (i.
a van pool) became excludable up to $60 a month (adjusted for cost of living).
taxpayer cannot have excludable foreign earned income; and
To calculate the offset, the SSA must first determine which expenses are excludable from the lump-sum award.
2015 W-2 Form Changes Medicaid Waiver Payments Certain Medicaid waiver payments are excludable from income for federal income tax purposes.
However, the Tax Court held that the COD income of $20,000 was excludable from Johnston's income under Sec.