In 2010, the General Assembly included the requirement to complete. and review the Sentencing Revocation Report in all suspended. sentence, good behavior and probation violation cases and to. review applicable Probation Violation Guidelines before sentencing.
Ordinary income stands in contrast to capital gain, which is defined as gain from the sale or exchange of a capital asset. A personal residence is a capital asset to the homeowner.
of, a life insurance policy constitutes ordinary income to the extent such proceeds exceed the cost of the policy). Section 1234A, originally enacted in 1981, does not change this result. Accordingly, in Situation 1 the $14,000 of income recognized by . A. on the surrender of the life insurance contract is ordinary income. SITUATION 2