Sentences with phrase «recipient in a taxable year»

For example, a person who in the course of a trade or business makes a payment of «fixed and determinable income» using virtual currency with a value of $ 600 or more to a U.S. non-exempt recipient in a taxable year is required to report the payment to the IRS and to the payee.

Not exact matches

When the stock appreciation right is exercised, the recipient will generally be required to include as taxable ordinary income in the year of exercise an amount equal to the sum of the amount of cash received and the fair market value of any common stock received upon the exercise.

The tax code provides that any amount distributed to a pensioner from a qualified pension plan will be taxable to the recipient in the year distributed.

When money is withdrawn from an account and not used to pay for qualified expenses of the designated beneficiary, the recipient of the money must add all amounts withdrawn to Idaho taxable income (if not included in federal adjusted gross income) in the year of the withdrawal.