Law Dictionary

gross income

noun

Legal Definition of gross income

  1. :  all income derived from any source except for items specifically excluded by law

Additional Notes on gross income

Section 61 of the Internal Revenue Code lists fifteen nonexclusive items that should be included in gross income. They are (1) compensation for services, including fringe benefits and commissions; (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 contracts for endowment insurance; (11) pensions; (12) income from discharge of a debt; (13) distributive share of partnership gross income; (14) income received (as by an estate or heir) by reason of a person's death; and (15) income from an interest in an estate or trust.


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