Lesson From The Tax Court: Allocating Between Excludable Child Support and Includable Interest

(TaxProf Blog) - This case also presents a lesson in allocation. How should a taxpayer decide how much of a given payment represents taxable interest or non-taxable child support? And on that issue, dear readers, I think the Tax Court may have been misled by the State of Alabama into ignoring federal law to find that all of each payment was interest. Details below the fold.

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