Describe the rules for taxation of each of types of income

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Write an approximately 3 page paper. Describe the rules for taxation of each of the following types of income. Each response should be 1/3 to ½ page. 1. Long Term Capital Gains and Losses 2. Annuity income 3. Amounts received from settlement of lawsuits or from court judgments. Specify the different treatment for (a) compensation for pain and suffering, (b) punitive damage awards, (c) compensation for mental and emotional distress, (d) compensation for lost wages 4. Discharge of Indebtedness Income 5. Scholarships 6. Divorce payments: Alimony vs. Child Support vs. Property Division.

Reference no: EM132167363

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