Legal Definition and Related Resources of Adjusted Taxable Income

The taxable income for the computation year, decreased by the sum of the following amounts: (1) capital gain net income for the comÂputation year. The amount ( if any ) of the capital gain net income for the computation year.
(2) Income attributable to gifts, bequests, etc:
(A) In general : The amount of net income attributable to an interest in property where such interest was received by the taxpayer as a gift, bequest , devise , or inheritance during the computation year or any base period year. This paragraph shall not apply to gifts, bequests, devises, or inheritances between husband and wife if they make a joint return , or if one of them makes a return as a surviving spouse (as defined in section 2(b)), for the computation year.
(B) Amount of net income: unless the taxpayer otherwise establishes to the satisfaction of the secretary or his delegate, the amount of net income for any taxable year attributable to an interest described in sub- paragraph (A) shall be deemed to be 6 percent of the fair market value of such interest (as determined in accordance with the provisions of chapter 11 or chapter 12, as the case may be).
(C) limitation : This paragraph shall apply only if the sum of the net incomes attributable to interests described in subpa-ragraph (A) exceeds $3,000.
(D) Net income: For purposes of this paragraph, the term net income means , with respect to any interest, the excess of: (i) items of gross income attributable to such interest, over (ii) the deductions properly allocable to or chargeable against such items.
For purposes of computing such net income, capital gains and losses shall not be taken into account .(3) Wagering income: The amount (if any) by which the gains from wagering transactions for the computation year exceed the losses from such transactions.
(4) Certain amounts received by owner – employees: The amount (if any) to which section 72(m) (5) (relating to penalties applicable to certain amounts received by owner-employees) applies. 26 U.S.C. § 1302(b).

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Adjusted Taxable Income in Historical Law

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