gross income


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 gains and profits of the taxpayer, irrespective of immorality or viciousness in the method of acquisition. Steinberg v United States (CC NY) 14 F2d 564. That portion of the gross profits arising out of the sale of capital assets which represents gain or increase acquired must be regarded as "gross income" within the meaning of the Federal Corporation Excise Tax Act. Doyle v Mitchell Bros. Co. 247 US 179, 62 L Ed 1054, 38 S Ct 467.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

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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

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