Prepaid Subscription Income [Internal Revenue] Law and Legal Definition
Pursuant to 26 CFR 1.455-5 (a) (1) [Title 26 Internal Revenue; Chapter I Internal Revenue Service, Department of the Treasury; Subchapter A Income Tax; Part 1 Income Taxes; Normal Taxes and Surtaxes; Deferred Compensation, Etc. Methods of Accounting; Taxable Year for which Items of Gross Income Included], the term Prepaid Subscription Income means “any amount includible in gross income which is received in connection with, and is directly attributable to, a liability of the taxpayer which extends beyond the close of the taxable year in which such amount is received and which is income from a newspaper, magazine, or other periodical. For example where Corporation X, a publisher of newspapers, magazines, and other periodicals makes sales on a subscription basis and the purchaser pays the subscription price in advance, prepaid subscription income would include the amounts actually received by X in connection with its liability to furnish or deliver the newspaper, magazine, or other periodical.”
Legal Definition list
- Prepaid Subscription Income [Internal Revenue]
- Prepaid Finance Charge
- Prepaid Dues Income [Internal Revenue]
- Prepaid Calling Card Provider
- Prepaid Calling Card Distributor
- Prepaid Telephone Calling Service Provider
- Prepaid Telephone Calling Services
- Preparation
- Preparatory Services [Education]
- Preparedness Movement
- Prepayment Clause