1) Taxability as income may be indicated if the asset cannot normally be used either personally or for investment purposes.

2) The common economic methods include Pigu taxability , defining property rights and state regulation, etc...However, all these methods have their defects and should be adopted selectively.

3) Deferring the taxability of income makes sense for two reasons.

4) The tax laws and regulations are silent on the taxability of the income derived by the legal person partner from the LLP.

5) Net rental income -- the amount received in rents minus the expenses of owning and running the building -- can affect the taxability of benefits, says Mr. Horowitz.