gross income

gross income
gross income n: all income derived from any source except for items specifically excluded by law
◇ 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.

Merriam-Webster’s Dictionary of Law. . 1996.

gross income
The total income of an individual or business from all sources, before subtracting adjustments, exemptions, or deductions allowed by tax law.
Category: Personal Finance & Retirement → Money & Taxes for Retirees
Category: Personal Finance & Retirement → Taxes

Nolo’s Plain-English Law Dictionary. . 2009.


gross income
The financial gains received by an individual or a business during a fiscal year.

Dictionary from West's Encyclopedia of American Law. 2005.


gross income
The financial gains received by an individual or a business during a fiscal year.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

gross income
n.
   in calculating income tax, the income of an individual or business from all sources before deducting allowable expenses, which will result in net income.
   See also: income tax

Law dictionary. . 2013.

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Look at other dictionaries:

  • Gross income — is commonly defined as the amount of a company s or a person s income before all deductions or any taxpayer’s income, except that which is specifically excluded by the Internal Revenue Code, before taking deductions or taxes into account. For a… …   Wikipedia

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  • 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… …   Black's law dictionary

  • 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… …   Black's law dictionary

  • gross income — A person s total income prior to exclusions and deductions. Bloomberg Financial Dictionary * * * gross income gross income ➔ income * * * gross income UK US noun [U] FINANCE, TAX, ACCOUNTING ► the total amount of a person’s or organization’s… …   Financial and business terms

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  • gross income — The whole or entire profit arising from a business or pursuit. Braun s Appeal, 105 Pa 414, 415. For income tax purposes: the total income of the taxpayer; the income from all sources without deductions or allowance for exemptions; the total of… …   Ballentine's law dictionary

  • gross income — noun 1. : the total of all revenue or receipts usually for a given period except receipts or returns of capital 2. : all income derived from any source except for items specifically excluded by law and deductions of certain outlays (as cost of… …   Useful english dictionary

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