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LSDefine

Simple English definitions for legal terms

income exclusion

Read a random definition: economic crime

A quick definition of income exclusion:

Income exclusion refers to a type of income that is not included in the total amount of income for tax purposes. This means that the excluded income is not subject to taxation. There are different types of income exclusions, such as the annual exclusion for gift income and exclusions for certain types of insurance coverage. Exclusions may also refer to items that are not allowed as evidence in a trial.

A more thorough explanation:

Definition: Income exclusion refers to an item of income that is excluded from gross income for tax purposes.

For example, the annual exclusion allows for up to $10,000 in nontaxable gift income during the calendar year. This exclusion serves as an estate-planning mechanism and eliminates the administrative inconvenience of taxing relatively small gifts. Another example is the employee-liability exclusion, which excludes coverage for injury to an employee arising from and in the course of employment with the insured.

These examples illustrate how income exclusion works in different contexts, such as tax and insurance policies. By excluding certain items of income, individuals and businesses can reduce their tax liability or limit their insurance coverage to specific situations.

income beneficiary | income fund

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18:21
Home of crime, poopy sidewalks, and needles. But a decent school
babycat
18:21
i did my tenth application today :)
18:22
wow congratz- sigh of relief?
18:22
congrats!! and good to know llama. why are their 'chance' numbers so weird for my stats...
18:22
hi all !!
babycat
18:22
@ChowieBean: yield protect?
18:23
do u guys have any recommendations for any LSAT prep websites that wont break my wallet
18:23
i rly liked powerscore! and babycat maybe yeah
18:24
ty :') ive been looking for some prep material but I've seen some where they're like $500 plus for prep material
18:25
7sage, lsatdemon, lsat hacks. check them out it seems like diff ppl have a preference. most offer free trial
babycat
18:25
7sage is $1/month if you can get fee waiver
babycat
18:26
that’s the first thing you should know. apply for a fee waiver through LSAC and it applies to some test prep companies too
@K0zhii: I would recommend LSAT Demon (they also have a fee waiver version) & the Loophole
I personally did not like 7Sage, but since it is so cheap w/ fee waiver it might be worth trying
18:34
@K0zhii: to summarize: 1: https://www.lsac.org/lsat/register-lsat/lsat-cas-fees/fee-waiver 2. check out the above mentioned prep companies, sign up/ 'try them on' and see if you have a preference (they are all a little different). 3. If you get an LSAC fee waiver, you can then use it to get discounted access to the prep companies. Hope this helps!
18:41
ugh berkeley public interest scholars is binding. idk what to do
18:41
what do u guys think with my stats. ED berk worth it or nah
18:41
bunny^? idk apply and cross that bridge when u get there imo but im clueless.
18:43
what a difficult decision hm. gotta research berk more ig
18:43
hey did u take the Nov lsat Chowie?
18:43
binding scares me but its the only chance at a full ride. and no i didnt i canceled
I mean it is not a bad option, unless you're shooting for HYS or something.
18:44
yeah harvard is def my dream
18:45
I believe regarding PI binding @ NYU? we came to the conclusion that: if you get it, it is binding IF u accept it, after you are admitted, chances are at that point u would know (likely) outcome @ other options. can anyone confirm?
@ChowieBean: Well if HLS is your dream, then don't apply binding somewhere else—at least I wouldn't do that.
18:47
yes i'm sure that one's binding if you accept. and yeah i probably wont bind to berkeley but i want to still write a public interest essay for them
18:54
I wish eggan jackfrost wasp bunny where here to input some knowledge since they are PI focused. texas seems right- it just really depends on the margin of utility u see in each school, if u are deadest on HLS- likely dont do anything binding to other schools?
18:56
agree i just feel like it's such a pipe dream for HLS to be dream school
PerpetualCheerfulBeaver
18:58
yall think there will be A's sent tomorrow? or that it will be after thanksgiving
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