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What is the best way to describe the rules for taxation? 1. Long Term Capital Gains and Losses, 2. Annuity income,3. Amounts received from settlement
What is the best way to describe the rules for taxation?
1. Long Term Capital Gains and Losses, 2. Annuity income,3. Amounts received from settlement of lawsuits or from court judgments. Specify the different treatment for (a) compensation for pain and suffering, (b) punitive damage awards, (c) compensation for mental and emotional distress, (d) compensation for lost wages4. Discharge of Indebtedness Income 5. Scholarships 6. Divorce payments: Alimony vs. Child Support vs. Property Division
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