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Post details: Disability Benefits Not Includible in Gross Income (Colter, TCM)
09/20/07
Disability Benefits Not Includible in Gross Income (Colter, TCM)
CCH (cch.taxgroup.com) reports:
Disability benefits received by a lawyer under a group disability insurance policy were not includible in his gross income under Code Sec. 104(a)(3) because he paid the insurance premiums. Although the taxpayer's law firm wrote the checks for the premiums, the payments were deducted from his shareholder loan account, thereby reducing the loan balance owed to him by the firm, and were not deducted by the firm on its corporate tax return. Consequently, the economic burden of paying the premiums was on the taxpayer and the firm was merely a conduit.
R.S. Cotler, TC Memo. 2007-283, Dec. 57,108(M)
Other References:
Code Sec. 104
CCH Reference - 2007FED ¶6662.26
Tax Research Consultant
CCH Reference - TRC BUSEXP: 12,300
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