Legal Definition and Related Resources of 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.

Browse or run a search for Gross Income in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Gross Income in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Gross Income in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Gross Income in the Legal Abbreviations and Acronyms Dictionary.

You might be also interested in these legal terms:

Mentioned in these terms

Adjusted Taxable Income, Deduction.

Translate Gross Income from English to Spanish

Translation of Gross Income, with examples. More about free online translation into Spanish of Ingreso bruto and other legal terms is available here.

• Ingreso bruto
• Legal English Translation

See also

See income (in U.S. law) …. (Read more)

United States Tax Concept of Adjusted Gross Income (AGI)

Your Adjusted Gross Income (AGI) is your gross income less allowable adjustments, such as IRAs, up to $1,000 of interest on higher education loans, alimony, medical savings accounts, job-related moving expenses, any penalty paid on the early withdrawal of savings, the deduction for 50% of the self-employment tax, and SIMPLE and Keogh deductions. AGI is the key to determining your eligibility for certain tax benefits and the phase-out of your eligibility for others such as personal exemptions, itemized deductions, and the rental loss allowance.

United States Tax Concept of Gross Income

The total amount of income received from all sources before adjustments, deductions, or exemptions. Gross income deals with all the money, goods and property you receive that must be included as taxable income. People who use the barter system exchanging non-monetary goods and/or services as payment have to include whatever they’ve bartered for as part of their gross income.

United States Tax Concept of Gross Income Test

In order for you to claim a dependency exemption your dependent must meet this and four other tests. To meet this test your dependent must have less than $2,700 in total income during the tax year. If this person is your child under 19 years old, or a full-time student under 24 years old, he or she does not need to meet this test.

Concept of Gross Income in the context of Real Property

A short definition of Gross Income: The scheduled (total) income, either actual or estimated, derived from a business or property.

Concept of Gross Income in the context of Real Property

A short definition of Gross Income: The scheduled (total) income, either actual or estimated, derived from a business or property.

Gross Income

What is Gross Income?

A definition of gross income is: Under I. More details on the Encyclopedia.RC. More details on the Encyclopedia. Section 61(a) gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items; (2) Gross income derived from business; (3) Gains derived from dealings in property; (4) Interest; (5) Rents; (6) Royalties; (7) Dividends; (8) Alimony and separate maintenance payments; (9) Annuities; (10) Income from life insurance and endowment contracts; (11) Pensions; (12) Income from discharge of indebtedness; (13) Distributive share of partnership gross income; (14) Income in respect of a decedent; and (15) Income from an interest in an estate or trust. More details on the Encyclopedia.

More about the Concept of Gross Income

In the case of a manufacturing or merchandising business, gross income means gross profit (i. More details on the Encyclopedia.e. More details on the Encyclopedia., gross sales or gross receipts less cost of goods sold).[1]

Resources

Notes

1. “Gross Income” in the White America Dictionary (New York, Los Angeles, London, New Delhy, Hong Kong, 1989)

See Also

• Heard v. More details on the Encyclopedia. C. More details on the Encyclopedia. I. More details on the Encyclopedia. R, C. More details on the Encyclopedia.A. More details on the Encyclopedia.Mo. More details on the Encyclopedia., 326 F. More details on the Encyclopedia.2d 962, 966
• Gross profit