Source: http://codes.findlaw.com/us/title-26-internal-revenue-code/26-usc-sect-74.html
Timestamp: 2018-01-22 00:12:10
Document Index: 342540800

Matched Legal Cases: ['§ 74', '§ 74', '§ 74', '§\u200274', '§ 74', '§\u200274']

26 U.S.C. § 74 - U.S. Code Title 26. Internal Revenue Code § 74 | FindLaw
26 U.S.C. § 74 - U.S. Code - Unannotated Title 26. Internal Revenue Code § 74. Prizes and awards
General rule.--Except as otherwise provided in this section or in section 117 (relating to qualified scholarships), gross income includes amounts received as prizes and awards.
Exception for certain prizes and awards transferred to charities.--Gross income does not include amounts received as prizes and awards made primarily in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievement, but only if--
Exception for certain employee achievement awards.--
In general.--Gross income shall not include the value of an employee achievement award (as defined in section 274(j) ) received by the taxpayer if the cost to the employer of the employee achievement award does not exceed the amount allowable as a deduction to the employer for the cost of the employee achievement award.
Excess deduction award.--If the cost to the employer of the employee achievement award received by the taxpayer exceeds the amount allowable as a deduction to the employer, then gross income includes the greater of--
Treatment of tax-exempt employers.--In the case of an employer exempt from taxation under this subtitle, any reference in this subsection to the amount allowable as a deduction to the employer shall be treated as a reference to the amount which would be allowable as a deduction to the employer if the employer were not exempt from taxation under this subtitle.
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