Chapter 4: Gross Income from Personal and Investment Activities

01.Core Concepts

• Received for: • Payment of reasonable and necessary expenses as a result of a qualified disaster  Personal, family, living or funeral expenses  Expenses to repair or rehabilitate a personal residence or its contents • Promoting general welfare • Paid by common carrier by reason of the death or personal physical injuries incurred • Qualified Disaster • Terroristic/military action • Presidentially declared disaster • Accidents involving common carriers