§123 — Amounts received under insurance contracts for certain living expenses
25 cases·1 distinguished·1 criticized·23 cited
Statute Text — 26 U.S.C. §123
In the case of an individual whose principal residence is damaged or destroyed by fire, storm, or other casualty, or who is denied access to his principal residence by governmental authorities because of the occurrence or threat of occurrence of such a casualty, gross income does not include amounts received by such individual under an insurance contract which are paid to compensate or reimburse such individual for living expenses incurred for himself and members of his household resulting from the loss of use or occupancy of such residence.
Subsection (a) shall apply to amounts received by the taxpayer for living expenses incurred during any period only to the extent the amounts received do not exceed the amount by which—
the actual living expenses incurred during such period for himself and members of his household resulting from the loss of use or occupancy of their residence, exceed
the normal living expenses which would have been incurred for himself and members of his household during such period.
Treasury Regulations
- Treas. Reg. §Treas. Reg. §1.123-1 Exclusion of insurance proceeds for reimbursement of certain living expenses
- Treas. Reg. §Treas. Reg. §1.123-1(a) In general.
- Treas. Reg. §Treas. Reg. §1.123-1(b) Limitation—(1) Amount excludable.
- Treas. Reg. §Treas. Reg. §1.123-1(c) Principal residence.
25 Citing Cases
1 (2004). Finding no abuse ofdiscretion in any respect, we will grant summaryjudg- ment for respondent and sustain the collection actions. We note that petitioner is free to submit to the IRS at any time, for its consideration and possible acceptance, - 10 - [*10] a collection alternative in the form ofan IA or offer-in-compromise, supp
1 (2004): It would not do the Treasury any good iftaxpayers used the money owed for 2004 to pay taxes due for 1998, the money owed for 2005 to pay taxes for 1999, and so on. That would spawn more collection cycles yet leave a substantial unpaid balance. The Service's * * * [IRS] goal is to reduce and ultimately eliminate the entire tax d
165(d)'s limitation on net gambling losses, stating-in dicta : the confinement of gambling-loss deductions to the .amount of gambling(cid:127)gains, a provision brought into,th e income tax, law as § 123 (g) _ of the Revenue Act of ; 1934,, 48 Stat .
123 1 (understating the net gain by $16,515,194) . * * * On its return for the 1998 Taxable Year, * * * [BEP] reported gross income totaling $8,038,677, including the reported net I .R.C . sec. 1231 gain of $5,390,383, portfolio (interest) income of $ 381,998, and trade or business income of $2,266,296 . * * * . Therefore, the amount of gross
The pre-1986 section 117 was amended by section 123 of the Tax Reform Act of 1986, Pub.
123.220 (1993). All property acquired after marriage is presumed to be community property. Forrest v. Forrest, 99 Nev. 602, 604, 668 P.2d 275, 277 (1983). That presumption may be rebutted, but only by clear and convincing evidence, by the spouse claiming that property - 7 - acquired during marriage is not community property. Pryor v. Pryor, 1
- 7 - Section 123 of the Tax Reform Act of 1986 (the Act), Pub. L. 101-514, 100 Stat. 2085, 2112, amended section 117, relating to the exclusion of the scholarship and fellowship grants from gross income. Before amendment by the Act, section 117(b)(1) excluded from gross income amounts received representing payments for teaching or research that were in
2085, 2112, section 117 permitted the entire amount of a fellowship grant to be excluded - 10 - from gross income provided that the grant did not represent payment for teaching, research, or other services in the nature of part-time employment and as long as the recipient was a candidate for a degree. For individuals who were n