IRS Gives On EIC
Date
1998-11-20
Authors
Harl, Neil
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Abstract
A major obstacle to claiming the earned income credit has been the IRS position that "disqualified income" for purposes of the earned income credit included Section 1231 gains. That IRS stance assured that gains from the sale of dairy and breeding animals, as two of the more prominent items, would preclude many farm taxpayers from being eligible for the earned income credit.