Gross income

From Simple English Wikipedia, the free encyclopedia

Gross income in United States income tax law is money or anything of value gained from all sources. Gross income is the amount of income before any tax deductions or allowances.[1] In the Law of the United States, 26 U.S. Code § 61, "Except as otherwise provided in this subtitle, gross income means all income from whatever source derived...".[2]

Exclusions (US)[change | change source]

Some types of income are specifically excluded from gross income. These are listed at 26 U.S. Code Part III and include:

References[change | change source]

  1. "gross income"., LLC. Retrieved 24 May 2016.
  2. 2.0 2.1 2.2 2.3 2.4 2.5 2.6 "26 U.S. Code § 61 - Gross income defined". Legal Information Institute/Cornell University Law School. Retrieved 24 May 2016.
  3. "Death Benefit". Investopedia, LLC. Retrieved 24 May 2016.