- 5 - the 1954 Code; however, the law was changed under amendments enacted by the Tax Reform Act of 1986. Johnston Island is not a “specified possession” for purposes of new section 931, so income earned on the Island is not subject to exclusion. The IRS published Publication 570, Tax Guide for Individuals with Income From U.S. Possessions, for use in the preparation of individual tax returns for the taxable year 2001 (IRS Publication 570 for 2001). IRS Publication 570 for 2001 stated in pertinent part: For 2001, the possession exclusion applies only to individuals who are bona fide residents of American Samoa. * * * Individuals in the following U.S. possessions or territories are not eligible for the possession exclu- sion discussed here. * * * * * * * • Johnston Island Sometime prior to November 13, 2001, an individual named Brian Jordan (Mr. Jordan)3 sent a letter to President George W. Bush (Mr. Jordan’s letter to President Bush). That letter stated in pertinent part: Subject: CFR 26, Vol 10, Part 1, (secs 1.908 to 1.1000), Revised as of 1 April 1997 Dear Sir: I would like to know if the above mentioned subject is still current for Johnston Atoll (Island) because I 3The record does not disclose who Mr. Jordan is or his relationship, if any, to petitioners.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011