Gross Income Flashcards

1
Q

Definition of Gross Income

A

Any accession to Wealth, Clearly Realized, Taxpayer has complete dominion

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2
Q

Gross Income Derives From

A

Whatever source: interest, dividends, unemployment compensation, rents, royalties.

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3
Q

In-Kind Income

A

Noncash income equals FMV of property or services received

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