Gross Income - Section - Dividend Income
4 important questions on Gross Income - Section - Dividend Income
What determines the taxability of a dividend?
- Corporate earnings and profits → taxable dividend
- No earnings and profits and taxpayer has basis in stock → nontaxable and reduces basis of stock
- No earnings and profits and no stock basis → taxable capital gain income
What type of dividends are includable in gross income?
- For cash, the taxable amount is the consideration recevied
- For property, the taxable amount is its fair market value
What items are excluded from gross income?
- a return of capital
- a stock split
- a life insurance dividend
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How are distributions by a corporation with no earnings and profits treated for a shareholder who has recovered their entire basis?
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