Basic Federal Income Taxation: Assignment of Income: Assignment of Income: Property

This lesson is best used after studying Federal Income Taxation: Assignment of Income in class. The lesson includes problem sets to work through, allowing you to apply the Code and Regs. to a variety of situations involving assignment of income from property and the determination of whether income is included in an individual's gross income.

Learning Outcomes

On completion of the lesson, the student will be able to:

1. Explain the significance of the power to direct the use of income.
2. Distinguish between gifts of stock made before and after the date that a dividend is declared.
3. Explain the federal income tax effect of a gratuitous assignment of income-producing property under a contract for sale.