Search results for: “taxable income”

  • Taxable Income

    All income classified as earned income within the meaning of Section 911 of the Internal Revenue Code of 1954 (26 U.S.C.S. §911) is taxable. Income is the excess of incoming receipts over outgoing expenditures. See United States v Basye, 410 U.S. 441, 93 S. Ct. 1080.

  • Accumulated Taxable Income

    Meaning of Accumulated Taxable Income in the United States Tax SystemAccumulated Taxable Income may be defined, in an american taxation meaning, as the amount by which the accumulated earnings tax rate is multiplied to arrive at the accumulated earnings tax. The amount equals taxable income…

  • Accumulated Taxable Income

    Meaning of Accumulated Taxable Income in the United States Tax SystemAccumulated Taxable Income may be defined, in an american taxation meaning, as the amount by which the accumulated earnings tax rate is multiplied to arrive at the accumulated earnings tax. The amount equals taxable income…

  • 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 […]

  • Redistribution of Income

    Hierarchical Display of Redistribution of income Economics > National accounts > IncomeSocial Questions > Social protection > Social securityEconomics > Economic policy > Economic policy > Allocation of resourcesEconomics > Economic policy > Economic policy > Incomes […]

  • Gross Income

    Gross Income

    Money taken in as opposed to net income which is money taken in minus money paid out. All income from whatever source as compared to net income which is gross income less legitimate expense of realizing it. See Gooch v C.I.R., (7th Cir.) 240 F.2d 324.

  • Gross Income

    Gross Income

    Money taken in as opposed to net income which is money taken in minus money paid out. All income from whatever source as compared to net income which is gross income less legitimate expense of realizing it. See Gooch v C.I.R., (7th Cir.) 240 F.2d 324.

  • Income

    Income

    Legal Definition and Related Resources of Income Meaning of Income The return in money from one’s business , labor or capital invested; gains, profits or private revenue . Wells v Wells, 148 P.2d 126, 65 Cal.App.2d 113. <div […]

  • Income Averaging

    A method of computing income tax whereby an individual taxpayer may elect to treat income as though it had been received over a five year period. Internal Revenue Code § 1301, 1302, 1305. See Average Base Period Income.

  • Gambling Income and Losses

    United States Tax Concept of Gambling Income and Losses Income and losses from gambling, such as lotteries, bingo, and racing. Even if your wager was illegal the winnings are taxable. Gambling losses are only deductible to the extent that you report gambling income for the tax year.

  • Back-End Income

    A real estate term for taxable income created when previous deductions (especially for depreciation) taken with respect to a piece of real property must be reversed because the property is voluntarily or involuntarily disposed of before the mortgage on it is fully amortized….

  • Anticipation of income

    A term in income tax law meaning that a taxpayer who has transferred property in an effort to shift income from himself has failed, and the income will remain taxable to him. See attribution of income….

  • Basis of Tax Assessment

    Hierarchical Display of Basis of tax assessment Finance > Taxation > Fiscal policy > Distribution of the tax burdenFinance > Taxation > Tax system > Taxable income Meaning of Basis of tax assessment Overview and more information about Basis of tax assessment For a more comprehensive […]

  • Accumulated Earnings Credit

    Meaning of Accumulated Earnings Credit in the United States Tax SystemAccumulated Earnings Credit may be defined, in an american taxation meaning, as a deduction in arriving at accumulated taxable income that is the greater of $250,000 ($150,000 in the case of personal service corporations)…

  • ABC transaction

    ABC transaction

    A term used in tax law to describe one method of financing a real property (especially oil and gas) investment. The aim of the game is to substitute a lease for a mortgage such that the long term purchaser/investor realizes no taxable income during the life of the lease. The Internal Revenue …