Fun Tax Law Fact of the Day

A significant portion of today's tax class was spent on Section 67 of the Tax Code, the 2-Percent Floor on Miscellaneous Itemized Deductions. Pursuant to that discussion, we learned that all deductions applied to Adjusted Gross Income are placed into two categories. These deductions are either classified as "Miscellaneous Itemized Deductions" or else they are classified as "Other Itemized Deductions."

This discussion proved revelatory. I plan to employ this binary classification scheme throughout my life from now on. Everything in the universe shall hereby be classified as either Miscellaneous or Other. For example, my computer mouse is Miscellaneous, as are my earmuffs, but my laptop is Other. My Wii is clearly Other, but my television is Miscellaneous. My left glove is Miscellaneous but, interestingly, my right glove is Other. I could go on like this for days!

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This page contains a single entry by Zach published on January 10, 2007 12:25 PM.

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