Community Income

Community Income

Income of a married couple, living in a community property state, that is considered to belong equally to each spouse, regardless of which spouse receives the income. The community property states are Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, Washington, and Wisconsin.
References in periodicals archive ?
70) Determining whether the requesting spouse had reason to know is similar to that of whether the requesting spouse had a reason to know of an item of community income under Sec.
The Service eventually conceded that all of the disputed income was community income, but asserted that Sec.
Deductions for expenses incurred to produce community income are community deductions and are taken one-half by each spouse.
Thus, a culpable spouse is separately liable for the entire community income earned by him and not reported on the tax return.
15, 2014 /PRNewswire/ -- Community Income Tax (CIT) respected provider of professional tax preparation and filing solutions, has entered into an agreement with Republic Bank & Trust Company to offer tax preparers a bundled package of tax software, e-filing services and bank products including Refund Transfers in a simple all-inclusive pricing model.
66, married couples in a community property state who do not file joint tax returns are generally required to report half of their community income.
Objective 2 : Increasing Economic Community Income through entrepreneurship development based on the riparian land that used by etnobotany
Pursuant to informal guidance issued in 2010, the IRS now requires couples in these states to report 50% of their combined community income on each spouse or domestic partner's individual federal return (see Private Letter Ruling 201021048, Chief Counsel Advice 201021050; IRS Publication 555, Community Property (which includes an income division worksheet); and questions and answers recently posted on the IRS website at tinyurl.
The Bathurst council paid A$1 million ($963,000) to acquire a so-called Community Income Constant Proportion Debt Obligation Note, or a CPDO, on December 20, 2006.
In its recent action, IMF informed the Australian Securities Exchange that it would fund claims relating to the purchase by the councils of Community Income Constant Proportion Debt Obligation Notes, also known as Rembrandt Notes.
community income from annual rental and a stumpage fee based on production
Full browser ?