What is gross income and what is net? - Yahoo! Answers

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what is gross income


Gross income - Wikipedia, the free encyclopedia

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** Gross income **

From Wikipedia, the free encyclopedia
Jump to: navigation, search

*Gross income* in United States tax law is receipts and gains from all
sources less cost of goods sold. Gross income is the starting point for
determining Federal and state income tax of individuals, corporations,
estates and trusts, whether resident or nonresident.^[1]

"Except as otherwise provided" by law, Gross income means "all income from
whatever source," and is not limited to cash received. However, tax
regulations expand on this and say "all income from whatever source
derived, unless excluded by law." The amount of income recognized is
generally the value received or which the taxpayer has a right to receive.
Certain types of income are specifically excluded from gross income.

The time at which gross income becomes taxable is determined under Federal
tax rules, which differ in some cases from financial accounting rules.

*Contents*

· 1 What is income
· 2 Year of inclusion
· 3 Amount of income
· 4 Exclusions from gross income
· 5 Source of income

· 5.1 Taxation of foreign persons

· 6 Further reading
· 7 References
· 8 See also

*What is income[edit]*

Individuals, corporations, members of partnerships, estates, trusts, and
their beneficiaries ("taxpayers") are subject to Income tax in the United
States. The amount on which tax is computed, taxable income, equals gross
income less allowable tax deductions.

The Internal Revenue Code states that "gross income means all income from
whatever source derived," and gives specific examples.^[2] The examples are
not all inclusive. The term "income" is not defined in the law or
regulations. However, a very early Supreme Court case stated, "Income may
be defined as the gain derived from capital, from labor, or


Source: en.wikipedia.org/wiki/Gross_income

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