Based on the definition of gross income in §61 and related regulations, what is the general presumption regarding the taxability of income realized?
Identify the general presumption on taxability of income based on the definition of gross income.
Explanation of Solution
Gross income: The gross income is defined as all income generated from whatever source, unless excepted by law. It includes income in any form like money, services or property.
The general presumption on taxability of income is that the any income which is gained is taxable unless otherwise left out by law.
Want to see more full solutions like this?
Chapter 5 Solutions
MCGRAW-HILL'S TAX.OF INDIV.+BUS.2020
Additional Business Textbook Solutions
Intermediate Accounting
Financial Accounting, Student Value Edition (4th Edition)
Financial Accounting: Tools for Business Decision Making, 8th Edition
Financial Accounting (11th Edition)
Intermediate Accounting (2nd Edition)
Financial Accounting, Student Value Edition (5th Edition)
- AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
- Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSONIntermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill EducationFinancial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education