Wiktionary
n. 1 Income generated before deducting expenses, taxes, insurance, etc. 2 In United States tax law, income that is subject to taxation under the Internal Revenue Code (see wikisource:Internal Revenue Code 61).
Wikipedia
Gross income in United States income tax law is generally receipts and gains from all sources. Gross income is the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident.
Under the U.S. Internal Revenue Code, "Except as otherwise provided" by law, gross income means "all income from whatever source derived," and is not limited to cash received. Federal tax regulations interpret this general rule. The amount of income recognized is generally the value received or the value which the taxpayer has a right to receive. Certain types of income are specifically excluded from gross income.
The time at which gross income becomes taxable is determined under Federal tax rules, which differ in some cases from financial accounting rules.
Usage examples of "gross income".
They arrived at the figure they did by taking the gross income of all my lands and factories for the last nine years, plus the value of the lands I had been granted or had inherited, and subtracting from that the value of my current nonmilitary properties.
If I did it, it would be for one percent of the gross income with a drawing account not to exceed two hundred dollars a week.
And, since the party of the first part is taking a calculated risk, it is agreed that Dianne's gross income shall be computed for the purposes of the division as any money she may receive from any source whatever during the life of the contract.
The Constitution specifically required that any income tax be flat-rated and limited to a maximum of eight percent of gross income except in time of emergency.
Your Gross Adjusted Income does not exceed your Adjusted Gross Income (except where applicable) AND you did not pay taxable interest on dividend income prior to 1903.
Claire had earned thirty-one thousand dollars as a second-year surgical resident, so our gross income looked quite handsome.
Claire had earned thirty-one thousand dollarsas a second-year surgical resident, so our gross income looked quitehandsome.
Every last one of the many steps by which a gross income of millions became a taxable income of some hundred thousands, was legal.