Publication 525

Publication 525

A form published by the IRS explaining the various types of income one may earn or receive in a year, and whether or not each type is taxable.
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If there is subsequent recovery of any portion of the loss that has been deducted, it is recovered to the extent that the recovery exceeds the nondeductible portion of the loss up to the total amount of the deduction taken (IRS Publication 525, Taxable and Nontaxable Income 22 (2009)).
Additional exceptions can be found in IRS Publication 525 on Page 17.
Revisions also will be made to Publication 553, which will highlight tax law changes for 2001, and Publication 525, which will define taxable and nontaxable income.
See also IRS Publication 525 for a worksheet which assists the calculation of the amount that must be reported as income.
In 1992, IRS publication 525, Taxable and Nontaxable Income, took a middle-of-the-road approach, saying that the refund should be multiplied by a fraction: state tax paid (after the 3% reduction) is the numerator and the total state tax paid is the denominator.