clear reflection of income

clear reflection of income
The Internal Revenue Service has the authority to redetermine a taxpayer's income using a method which clearly reflects income if the taxpayer's method does not do so. I.R.C. No. 446(b). In addition, the I.R.S. may apportion or allocate income among various related business if income is not "clearly reflected". I.R.C. No. 482

Black's law dictionary. . 1990.

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  • clear reflection of income — The Internal Revenue Service has the authority to redetermine a taxpayer s income using a method which clearly reflects income if the taxpayer s method does not do so. I.R.C. No. 446(b). In addition, the I.R.S. may apportion or allocate income… …   Black's law dictionary

  • income — The return in money from one s business, labor, or capital invested; gains, profits, salary, wages, etc. The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income …   Black's law dictionary

  • income — The return in money from one s business, labor, or capital invested; gains, profits, salary, wages, etc. The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income …   Black's law dictionary

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