Legal Definition of gross income
Note: 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.
- On Contractions of Multiple Words
- A Look at Uncommon Onomatopoeia
- Is Singular 'They' a Better Choice?
- Words for Summer: A Quiz Take the quiz
- Finance Words Quiz Take the quiz
- Spell It Take the quiz
- Add Diction Play the game