Gross Income

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Gross income

Internal Revenue Code:Sec. 61. Gross income defined

Calculation of income tax liability begins with a determination of whether income from various sources is included or excluded from gross income.

Except as otherwise provided in the Internal Revenue Code, gross income means all income from all sources, including (but not limited to):

  • compensation for services, including fees, commissions, fringe benefits, and similar items;
  • income from a business;
  • gains from property dealings;
  • interest;
  • rent;
  • royalties;
  • dividends;
  • alimony and separate maintenance payments;
  • annuities;
  • income from life insurance and endowment contracts;
  • pensions;
  • income from the discharge of debt;
  • distributive share of partnership gross income;
  • income in respect of a decedent; and
  • income from an interest in an estate or trust. (IRC section 61(a)
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