Specified income classification: accumulated excess, deemed receipts, and income not excluded from total income. Specified Income comprises: income accumulated or set apart in excess of permitted accumulation; deemed income treated as taxable under provisions that ... Summary
Specified income classification: accumulated excess, deemed receipts, and income not excluded from total income.
Specified Income comprises: income accumulated or set apart in excess of permitted accumulation; deemed income treated as taxable under provisions that convert exempt receipts into income; income that is not exempt due to violation of exemption conditions or that is not excluded from total income under applicable exclusion clauses; and income expressly deemed income by provisos or not excluded under comparable exclusion provisions.
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