Transcription of Exhibit 5-1: Income Inclusions and Exclusions
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Exhibit 5-1: Income Inclusions and Exclusions
Exhibit 5-1 REV-1. Exhibit 5-1: Income Inclusions and Exclusions 24 CFR (b) and (c). Examples included in parentheses have been added to the regulatory language for clarification. Income Inclusions . (1) The full amount, before any payroll deductions, of wages and salaries, overtime pay, commissions, fees, tips and bonuses, and other compensation for personal services;. (2) The net Income from operation of a business or profession. Expenditures for business expansion or amortization of capital indebtedness shall not be used as deductions in determining net Income . An allowance for depreciation of assets used in a business or profession may be deducted, based on straight line depreciation, as provided in Internal Revenue Service regulations. Any withdrawal of cash or assets from the operation of a business or profession will be included in Income , except to the extent the withdrawal is reimbursement of cash or assets invested in the operation by the family.
(n) Earned income tax credit (EITC) refund payments received on or after January 1, 1991, including advanced earned income credit payments (26 U.S.C. 32[j]); Exhibit 5-1
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