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Internal Revenue Code cartoons image illustration picture
Internal Revenue Code

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Tax regulation; IRS regulations cartoon.

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Tax Reform cartoons image illustration picture
Tax Reform

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Congressional regulations; tax code.

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Commissioner v. Banks cartoons image illustration picture
Commissioner v. Banks

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Damages, including contingent fee amounts, are taxable income to litigants; a taxpayer may not anticipatorily assign the income to avoid tax liability for the income. Agent assignment contingent fee ordinary income principal.

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King v. Commissioner cartoons image illustration picture
King v. Commissioner

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Noncustodial parents; dependency exemption deduction; lived apart from his child; last six months, receives more than half of his support from his parents during the year; custodial parent signs a written declaration.

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Churchill Downs, Inc. v. Commissioner cartoons image illustration picture
Churchill Downs, Inc. v. Commissioner

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Costs of invitation-only events used to publicize the kentucky derby are entertainment expenses; deductions for activities generally considered entertainment are limited to fifty percent, unless objectively integral to taxpayer business or occupation.

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Substitute For Ordinary Income Doctrine cartoons image illustration picture
Substitute For Ordinary Income Doctrine

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Womack v. Commissioner; Under the substitute-for-ordinary-income doctrine, when a party receives a lump-sum payment for what otherwise would have been received, at a future time, as ordinary income, that lump sum payment isordinary income.

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Money Subject to Repayment Contingency Is Not Gross Income cartoons image illustration picture
Money Subject to Repayment Contingency Is Not Gross Income

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Westpac Pacific Food v. Commissioner; Cash advances in exchange for volume purchase commitments, subject to pro rata repayment if the volume commitments are not met, are not gross income when received; accrual basis.

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Property Settlement In Divorce Is Not A Taxable Event cartoons image illustration picture
Property Settlement In Divorce Is Not A Taxable Event

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Young v. Commissioner; A transfer of property is "incident to a divorce," and is thus a nontaxable event, if it is related to the cessation of the marriage; basis; nonrecognition rule.

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Taxes On Lottery Winnings cartoons image illustration picture
Taxes On Lottery Winnings

Description:
Watkins v. Commissioner; under the substitute-for-ordinary-income doctrine, lump sum payments received in exchange for future time ordinary income is ordinary income because not for increased value of income-producing property.

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Taxability of Student Income cartoons image illustration picture
Taxability of Student Income

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Mayo Foundation for Medical Education and Research v. United States. Chevron analysis, not National Muffler analysis, applies in student income tax cases and social security tax issue. Chevron Deference.

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Hobby Loss Rule cartoons image illustration picture
Hobby Loss Rule

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Engdahl v. Commissioner. When a taxpayer engages in an activity with the bona fide purpose of turning a profit, losses incurred from that activity are fully deductible. Horse breeding. Deductibility of business losses.

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IHC Health Plans, Inc. v. Commissioner of Internal Revenue cartoons image illustration picture
IHC Health Plans, Inc. v. Commissioner of Internal Revenue

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Organization will not be considered charitable unless it is operated primarily to serve public rather than private interest.

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IHC Health Plans, Inc. v. Commissioner of Internal Revenue cartoons image illustration picture
IHC Health Plans, Inc. v. Commissioner of Internal Revenue

Description:
Organization that is not itself tax-exempt may become tax-exempt if it operates solely to provide goods or services to exempt organizations that are essential to the operation of that exempt organization.

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