Wednesday, August 27, 2014
The Tax Court yesterday required the taxpayer to include $668 in income as reported by Citibank on Form 1099-MISC as the value of an airline ticket received by the taxpayer upon redemption of 50,000 "Thank You Points" from opening a Citibank account. Shankar v. Commissioner, 143 T.C. No. 5 (Aug. 26, 2014).
(Hat Tip: Phil Hackney.)
Update: Sam Brunson (Loyola-Chicago), Tax Court: Frequent Flier Miles Are Income