To the extent that income has been retained, payments out are treated as income.

The payment may also be treated as having been made at its regular time when the payment dates cross a tax year.

The payment is not treated as made up from the separate sources of income arising to the trustees.

She had argued that the payment be treated as part of their joint property.

For other tax purposes, guaranteed payments are treated as a partner's distributive share of ordinary income.

"The settlement specifies that all payments will be treated as ordinary business expenses," he notes.

These payments to Social Security are treated as income in the budget, reducing the published deficit.

The payment of the purchase price (the transfer of ownership on the money) is treated likewise.

At that point the payments are treated as ordinary taxable income.

Thus, a payment made within the grace period is treated as if paid on time.