Kentucky and Vanderbilt rise in college basketball rankings
Kentucky climbs to No. 2 after a 98 75 win over Wake Forest in the Kentucky Invitational at Lexington. Vanderbilt falls to No. 3 after defeating Louisville 91-82, while Michigan enters the top 10 with an 83-67 win over Duke. Chicago Loyola remains No. 1.
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IRS Rules Grants from Clubs Count as Income for Employees
The IRS states that amounts distributed by social clubs and similar membership organizations to their employees as recognition of service are includible in the recipients gross income. Such groups fund distributions through voluntary contributions or member assessments.
MENTIONED IN THIS ARTICLE
U. S. Internal Revenue Service
American Tel and Tel Employees Celebrate Christmas Party
American Telephone and Telegraph employees held their annual Christmas party at the home of Mr and Mrs A M Gale. The home was decorated with Christmas themes and a somorgasbord and centerpiece were on display. Attendees included Mr and Mrs Dale Gray Mr and Mrs Robert Norris Mr and Mrs C Ashley Mr and Mrs Richard Kelly Mr and Mrs WG Covington Mr and Mrs Howard Ah Mr and Mrs J Lee and the hosts.
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American Telephone and Telegraph
A. M. Gale
Somorgasbord
Oasetta
Holly
Dale Gray
Rober Norris
C Asley
Richard Kelly
Tax rules on Christmas distributions as gifts for employees
Internal Revenue clarifies that wages subject to withholding differ from gifts. Case law J. T 3726 1945 63 distinguishes when Christmas distributions are gifts rather than pay for services.
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Internal Revenue
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