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USC Title 26 enacted through 2008

§ 131. Certain foster care payments

 
(a)
General rule
 
Gross income shall not include amounts received by a foster care provider during the taxable year as qualified foster care payments.
 
(b)
Qualified foster care payment defined
 
For purposes of this section -
 
(1)
In general
 
The term "qualified foster care payment" means any payment made pursuant to a foster care program of a State or political subdivision thereof -
 
(A)
which is paid by -
 
(i)
a State or political subdivision thereof, or
 
(ii)
a qualified foster care placement agency, and
 
(B)
which is -
 
(i)
paid to the foster care provider for caring for a qualified foster individual in the foster care provider's home, or
 
(ii)
a difficulty of care payment.
 
(2)
Qualified foster individual
 
The term "qualified foster individual" means any individual who is living in a foster family home in which such individual was placed by -
 
(A)
an agency of a State or political subdivision thereof, or
 
(B)
a qualified foster care placement agency.
 
(3)
Qualified foster care placement agency
 
The term "qualified foster care placement agency" means any placement agency which is licensed or certified by -
 
(A)
a State or political subdivision thereof, or
 
(B)
an entity designated by a State or political subdivision thereof,
 
for the foster care program of such State or political subdivision to make foster care payments to providers of foster care.
 
(4)
Limitation based on number of individuals over the age of 18
 
In the case of any foster home in which there is a qualified foster care individual who has attained age 19, foster care payments (other than difficulty of care payments) for any period to which such payments relate shall not be excludable from gross income under subsection (a) to the extent such payments are made for more than 5 such qualified foster individuals.
 
(c)
Difficulty of care payments
 
For purposes of this section -
 
(1)
Difficulty of care payments
 
The term "difficulty of care payments" means payments to individuals which are not described in subsection (b)(1)(B)(i), and which -
 
(A)
are compensation for providing the additional care of a qualified foster individual which is -
 
(i)
required by reason of a physical, mental, or emotional handicap of such individual with respect to which the State has determined that there is a need for additional compensation, and
 
(ii)
provided in the home of the foster care provider, and
 
(B)
are designated by the payor as compensation described in subparagraph (A).
 
(2)
Limitation based on number of individuals
 
In the case of any foster home, difficulty of care payments for any period to which such payments relate shall not be excludable from gross income under subsection (a) to the extent such payments are made for more than -
 
(A)
10 qualified foster individuals who have not attained age 19, and
 
(B)
5 qualified foster individuals not described in subparagraph (A).








Tax Code (Internal Revenue Code) Section Index


U.S. GAAP by Codification Topic
 
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold


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Tax Code (Internal Revenue Code) Section Index




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