gross income

gross income
Under I.R.C. 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.
See Heard v. C. I. R., C.A.MO., 326 F.2d 962, 966.
See also gross profit.
In the case of a manufacturing or merchandising business, gross income means gross profit (i.e., gross sales or gross receipts less cost of goods sold).
+ gross income
The total income of a business or individual before deductions; including salary, commissions, royalties, gains from dealings in property, interest, dividends, etc. I.R.C. No. 61

Black's law dictionary. . 1990.

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