Off-Topic: It's the Law

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	Name:	GoneFishin -
	Subject:	It's the Law
	Date:	6/24/2010 5:42:37 PM

IRC section 61 defines gross income as all income from whatever source derived. The general rule is that any accession to wealth must be included in taxable income unless the IRS provides a specific exclusion. There is no exclusion for proceeds received for lost income under a business interruption policy. Money received from BP compensates for income that would otherwise be taxable income and the proceeds are taxable. They can still deduct any expenses that are business related and not reimbursed.

This is not callous it is the law.

Other messages in this thread:

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And Hound said I am callous!?!? - MartiniMan - 6/22/2010 9:11:04 AM

No - Talullahhound - 6/22/2010 1:59:36 PM

Glad we agree - MartiniMan - 6/22/2010 4:10:18 PM

Glad we agree - Talullahhound - 6/22/2010 4:58:19 PM

And Hound said I am callous!?!? - Lifer - 6/22/2010 3:15:53 PM

It's the Law - GoneFishin - 6/24/2010 5:42:37 PM

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