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Families Find Favor in Dozens of Income Tax Provisions

December 15, 2010

ARLINGTON, Va., Dec. 15, 2010 /PRNewswire-USNewswire/ — BNA Tax Management Portfolio, Family and Household Transactions, No. 513, brings together analyses of the income tax provisions that affect transactions that are generated by maintaining a family and operating a household. The Portfolio begins with an explanation of the general limitation on the deduction of personal, living, and family expenses. It describes the scope of that limitation and the consequence of classifying an expense as a personal, living, or family expense.

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“The author examines common personal, living, and family expenses and the circumstances under which those expenses can be deductible, or qualify for a credit,” says BNA Tax & Accounting Managing Editor Karen Fickes. “Dozens of other provisions are also examined — including the medical expense deduction, personal and dependency exemptions, child tax credit, household and dependent care credit, and adoption tax benefits are covered in detail, among others.”

Detailed coverage is provided for various types of reimbursements that are excluded from gross income, such as insurance reimbursements for living expenses, as well as numerous governmental aid payments, such as housing assistance, disaster relief, and crime victim programs.

This Portfolio may be cited as Maule, 513 T.M., Family and Household Transactions.

Author James Edward Maule, Esq., is a law professor at Villanova University School of Law in Villanova, Pennsylvania, a former attorney-advisor to Judge Herbert L. Chabot of the United States Tax Court, and former attorney-advisor to the Chief Counsel to the Internal Revenue Service. Maule is a member of numerous associations and the author of numerous books.

About BNA Tax & Accounting

BNA Tax & Accounting is the foremost source of news, analysis, and practice tools for tax attorneys, estate planners, accountants, and corporate tax and financial accounting professionals. For more than 50 years, BNA Tax & Accounting has offered practitioners expert insights and guidance on every significant issue in tax planning and financial accounting. Written by practitioners for practitioners, BNA’s award-winning Portfolios offer topic-driven, in-depth guidance on transactions designed to help tax professionals achieve new levels of excellence and client service. For more information on BNA’s Federal Tax series of which this Portfolio is a part, go to http://www.bnatax.com/federal-tax-t555/?open&cmpid=tmtxpr2010 or call 800.372.1033.

SOURCE BNA Tax & Accounting


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