Income is broadly defined under IRC Section 61.
A past case determined that a gift is made from a “detached and disinterested generosity, out of affection, respect, admiration, charity or like impulses.” Therefore a payment cannot be a gift if it is a reward for services rendered or is made because of the incentive of an anticipated benefit of an economic nature. This video reviews gifts to employees, employee achievement awards and fringe benefits and how they can affect wages.
Luke D. Bailey
Clark Hill PLC
- Senior Counsel in the Collin County, TX office of Clark Hill PLC
- Practices in all aspects of employee benefits and executive compensation
- Conducts regular seminars and workshops on numerous employee benefits and executive compensation issues
- Author of numerous articles related to the areas of employee benefits and executive compensation
- J.D. degree, Order of the Coif, University of California at Berkeley (Boalt Hall); A.B. degree, cum laude, Occidental College
- Can be contacted at 214-651-4572 or [email protected]
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