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Income baskets

    0.04 sec.
Income baskets
Category to which certain income is allocated. Losses in one basket may not be used to offset gains in another basket. Specified in U.S. tax code.


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For tax years beginning after 2006, AJCA Section 404 consolidates the nine FTC baskets into passive income and general income baskets.
Any remaining related-person interest (after Step 2) is apportioned to other income baskets based on either gross income or asset value, as provided in Temp.
Rents and royalties received from a CFC are treated as income in separate baskets to the same extent such expenses are allocated to the CFC's income baskets (Regs.
 
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