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Topic: Gross income

	NCC Comments on Adjusted Gross Income Test -- Proposed Rule
		The National Cotton Council agrees that the starting point for the calculation of the adjusted gross income of individuals should be reflective of that amount reported as adjusted gross income on the final federal tax return for the individual for the applicable tax year (currently line 35 on IRS form 1040).
		Other income items that should be included as income from farming operations are salary and non-employee compensation received from a related entity for services performed in the farming operation and custom work and machine hire.
		Income derived from participation in the conservation reserve program, and similar programs, should be included in the determination of farm income.
	www.cotton.org /issues/2002/Adjusted-Gross-Income-Test.cfm (1069 words)

	ARTICLE II - DETERMINATION OF GROSS INCOME
		The total amount of gross income shall be exclusive of combined taxes only when the person upon whom the tax is imposed shall establish to the satisfaction of the Tax Collector that such tax has been added to the total price of the transaction.
		There shall be excluded from gross income of vendors of motor vehicles dealer documentation fees, but only to the extent that such fees have been separately itemized and collected from the purchaser of the motor vehicle by the vendor.
		Transactions which, if conducted by any other person, would produce gross income subject to tax under this Chapter shall not be subject to the imposition of such tax if conducted entirely by a public educational entity; governmental entity, except "proprietary activities" of municipalities as provided by Regulation; or non-licensed business.
	phoenix.gov /PLT/artii.html (2320 words)

	CITES BY TOPIC: income
		Items of gross income constituting extraordinary dividends or taxable stock dividends which the fiduciary, acting in good faith, determines to be allocable to corpus under the terms of the governing instrument and applicable local law shall not be considered income.
		However, an allocation of amounts between income and principal pursuant to applicable local law will be respected if local law provides for a reasonable apportionment between the income and remainder beneficiaries of the total return of the trust for the year, including ordinary and tax-exempt income, capital gains, and appreciation.
		For example, a state statute providing that income is a unitrust amount of no less than 3% and no more than 5% of the fair market value of the trust assets, whether determined annually or averaged on a multiple year basis, is a reasonable apportionment of the total return of the trust.
	famguardian.org /TaxFreedom/CitesByTopic/income.htm (2515 words)

	Determining Gross Income - Raleigh NC Child Support Lawyers, Family Law Attorneys, Joint Custody
		In determining a party's income for child support purposes, one must not only consider the party's gross income, but his or her potential income as well.
		Simply because a party is not employed at his or her earning capacity does not mean that potential income, rather than gross income, should be used to determine his or her income.
		Should the court find that the gross income of a party does not afford the party to maintain a minimum standard of living based on the 1997 federal poverty level for one person, a self support reserve is employed in determining the amount of child support.
	www.benderlaw.com /gross_income.html (1249 words)

	The Meaning of Income: Taxable Income and Gross Income
		Under this theory, wages are not taxable income because people have basis in their labor equal to the fair market value of the wages they receive; thus, there is no gain to be taxed.
		For federal income tax purposes, "gross income" means all income from whatever source derived and includes compensation for services.
		Any income, from whatever source, is presumed to be income under section 61, unless the taxpayer can establish that it is specifically exempted or excluded.
	www.quatloos.com /taxscams/meaning_of_income.htm (1712 words)

	Taos Business Kit, Income Taxes & Gross Receipts Tax
		The state income tax liability is based on the corresponding federal tax return, a method sometimes called "piggy-backing." The federal income tax return must be completed before preparing the state return.
		Income tax for these entities is generally passed through to their owners using a Schedule K-1 (see page 6-14).
		Gross Receipts Tax is due only at the point at which the sale of goods or services ends with a final consumer.
	www.taoscpa.com /income_gross_receipts_tax.html (2252 words)

	Gross Income Worksheet (Site not responding. Last check: 2007-10-06)
		Rental income is computed on the basis of the previous two years, unless this is a purchase or you have held the rental property less than two years.
		On Schedule E of your tax form, find the net profit or loss from all properties owned (not just the property you are financing) for each tax year, then add back the depreciation claimed on each tax return, total the profit or loss plus depreciation for two years and divide by 24.
		If this is a purchase, you may claim up 75% of the monthly rental income from the property being purchased, but you must have leases on the rental property that carry over from the present owner.
	mortgage-x.com /get_mortgage/income.asp (591 words)

	ERS/USDA Briefing Room - Farm Income and Costs
		Gross farm income is the total of all income accruing to the farm sector from both cash and non-cash sources.
		Gross farm income can be derived from the value-added table as the sum of two line items: final agricultural sector output plus direct government payments.
		The most common requests are for "gross farm income" and "total production expenses." As mentioned about, gross farm income can be derived from the value-added table as the sum of two items-"final agricultural sector output" and "direct government payments." Total production expenses can then be derived as gross farm income less net farm income.
	www.ers.usda.gov /Briefing/FarmIncome/Glossary/def_gfi.htm (153 words)

	Gross income - Wikipedia, the free encyclopedia
		Gross income is commonly defined as the amount of a company's or a person's income before all deductions or any taxpayer’s income, except that which is specifically excluded by the Internal Revenue Code, before taking deductions or taxes into account.
		For the purpose of a company's description of an employee's income, the term annual earnings may be used because a person may have other sources of taxable income in a year, apart from what is earned from the employer.
		The U.S. Supreme Court has stated that Gross income can be seen as an undeniable succession to wealth which requires an inflow of cash, noncash property, services, or even psychic satisfaction in excess on a taxpayer’s return of actual capital.
	en.wikipedia.org /wiki/Gross_income (577 words)

	Gross income includes returned fees; advance litigation costs are loans Journal of Accountancy - Find Articles (Site not responding. Last check: 2007-10-06)
		In general a taxpayer must include in gross income any increase in wealth he or she realizes in the period "realization" occurs.
		John and Carolyn Merritt filed their 1994 joint federal individual income tax return on July 10, 1996, and did not include as income the $129,000 independent contractor lee John had returned to the law firm in December of 1994.
		Helvering (35-1 USTC [paragraph] 9043), 293 US 465,469 (1935), argued the $129,000 of compensation John returned to JMA was excludible from gross income because the couple was entitled to structure their transactions to pay the least amount of federal income tax.
	www.findarticles.com /p/articles/mi_m6280/is_3_197/ai_114488860 (845 words)

	Dairy farm valuation and the gross income multiplier
		There is generally a valid GIM when the gross income is compared with the selling price of all the agents of production.
		There is no consistent GIM revealed by comparing the gross income with the selling price of the real estate alone because real estate is only one of the agents of production.
		The Gross Income Multiplier may be a useful tool in the appraisal of dairy farms in any area.
	www.aicanada.ca /e/articles/dairy_farm_valuation_and_the_gross_income_multiplier.cfm (777 words)

	Realization of Gross Income Chapter 15 (Site not responding. Last check: 2007-10-06)
		Ordinary income is treated as "realized" when received (cash basis) or when all rights have occurred to fix the right to the income (accrual basis).
		No gross income event occurs upon the "ripening" of the reversionary interest that the taxpayer owned (retained) from the inception of the trust.
		No gross income to the grantor, but the grantor does benefit from a gratuitous transfer that is tax-free under §102.
	www.law.uh.edu /faculty/wstreng/FederalIncomeTax/15.html (2301 words)

	VA Gross Income - Medicaid
		The types of income that are defined as "not income" in determining Gross Income for the Aged, Blind and Disabled (ABD) groups are listed in: Aged, Blind and Disabled Income Exclusions - Medicaid.
		Gross Income, however, is used in calculating the income-eligibility of ABD recipients of Medicaid Waiver services and ABD residents of medical institutions.
		Gross Income is also used in the first step in the 2-step process for determining the financial eligibility of adults in Low Income Families with Children (LICF).
	www.workworld.org /wwwebhelp/va_gross_income_medicaid.htm (430 words)

	Gross Income
		Try as one may, attempting to pass off § 61 defining "Gross income" as the section of Code as the law taxing all U.S. citizens on their income, even if the income cannot be deemed to be from taxable sources, is dishonest in light of the construction of the statute.
		These items 1 through 15 have been read by millions to be "sources" of "gross income" when in fact, as set forth in the rules promulgated by the Secretary of the Treasury in 26 CFR § 1.861-8(a)(3) these items listed are not "sources" as set forth under the law but are merely "items".
		Exempt income is income which is "exempt" (an exemption is made or given) "eliminated" (was there but is no longer as it was repealed), or "excluded" (denied entry or admittance into the law).
	www.tax-freedom.com /grossinc.htm (2545 words)

	Gross Income- Quicken Loans Glossary (Site not responding. Last check: 2007-10-06)
		Gross income is your total income before taxes or expenses are deducted.
		Gross income is used in calculating one of the two guideline ratios used to qualify you for a mortgage.
		The top ratio is calculated by dividing your new total monthly mortgage payment by your gross income per month.
	www.quickenloans.com /help/mortgage-glossary/96/Gross-Income.html (130 words)

	15-30-111. Adjusted gross income.
		(j) principal and income in a medical care savings account established in accordance with 15-61-201 or withdrawn from an account for eligible medical expenses, as defined in 15-61-102, of the taxpayer or a dependent of the taxpayer or for the long-term care of the taxpayer or a dependent of the taxpayer;
		If eligible, married individuals shall apply the exclusion separately, but the limitation for income exceeding $15,000 is determined with respect to the spouses on their combined adjusted gross income.
		The reduction in adjusted gross income under this subsection applies only with respect to contributions to an account of which the account owner, as defined in 15-62-103, is the taxpayer, the taxpayer's spouse, or the taxpayer's child or stepchild if the taxpayer's child or stepchild is a Montana resident.
	data.opi.state.mt.us /bills/mca/15/30/15-30-111.htm (1454 words)

	Personal Income Tax - CRC Tax Outline
		Federal adjusted gross income of individuals, estates and trusts, with certain adjustments.
		Additions include all or part of (1) interest income from state/local obligations other than Michigan, and certain other exclusions from federal adjusted gross income, and (2) refunds received under the Michigan Education Trust Act for a terminated advance tuition payment contract.
		income earned and interest, dividends, and capital gains received by residents of a renaissance zone.
	www.crcmich.org /TaxOutline/Income/PIT.html (765 words)

	Publication 3 (2005), Armed Forces' Tax Guide
		Other foreign income earned by military personnel or their spouses may be eligible for the foreign earned income exclusion.
		Do not include in your income the value of moving and storage services provided by the government because of a permanent change of station.
		To meet this test, the gross income of the person you wish to claim as a dependent must be less than $3,200 for the year.
	www.irs.gov /publications/p3/ar02.html (5526 words)

	Adjusted Gross Income: From The Encyclopedia of Taxation and Tax Policy
		Adjusted gross income (AGI) is defined by section 62 of the Internal Revenue Code as gross income from all sources not specifically excluded, minus certain deductions.
		In terms of the income tax system, AGI is the broadest measure of income but, compared with taxable income (the income measure to which tax rates are actually applied), it does not reflect personal differences that affect individuals' ability to pay taxes.
		Personal income in the NIPA is also broader, on balance, than AGI (it amounted to $6.2 trillion in 1992, compared with $4.2 trillion of AGI), but AGI includes $0.8 trillion in sources of income that are missing from personal income.
	www.urban.org /Template.cfm?NavMenuID=24&template=/TaggedContent/ViewPublication.cfm&PublicationID=8505 (1306 words)

	Gross Income
		Normal annual income including overtime that is regular or guaranteed before taxes or expenses are deducted.
		The income may be from more than one source.
		Salary is generally the principal source, but other income may qualify if it is significant and stable.
	www.homefield.com /glossary/GrossIncome.asp (118 words)

	Gross Income Defined [Free Republic]
		Items of "gross income" from sources within the U.S. are dealt with by 861(a) of the statutes and 1.861-2 through 1.861-7 of the regulations.
		Taxable income is determined by 861(b) of the statutes, and the corresponding regulations in 1.861-8.
		Argued that as a "white, natural born, state citizen," the income tax does not apply to him, that he is not a "person" or a "resident," and that the district court lacked jurisdiction.
	www.freerepublic.com /forum/a39a5936e0912.htm (11796 words)

	»»Gross-income Reviews««
		Gross advocates dumping all federal, state and local income taxes to be replaced by a national sales tax.
		Gross estimates that the federal government fritters away at least $375 billion annually on questionable programs and projects, such as the National Swine Research Center ($13 million), a study on mail-delivery times ($23 million), and the Robert J. Dole Institute at the University of Kansas ($6 million).
		Though Gross sometimes expects readers to be outraged without fully explaining why (he never reveals, for instance, what the National Swine Research Center actually does), he offers some solutions to the problems he cites: cutting the federal cabinet from 14 departments to 9, shutting down entire agencies, and revamping U.S. tax policy, among others.
	www.financial-book-review.com /Gross-income (1518 words)

	Calculate gross income of beef cow herds accurately--gross income,
		Most ranchers don't accurately calculate the gross income of their beef cow herds.
		A correct economic analysis should be based on the accrual-adjusted gross income, not just cash income, as is typically done.
		This herd's accrual-adjusted gross income was $642/cow, with a reproductive efficiency of a 92.13% calf crop.
	beef-mag.com /hughes/beef_calculating_gross_income (1006 words)

	Revenue - Wikipedia, the free encyclopedia
		Revenue, like all income statement accounts, can only be presented in terms of a period, for example, the revenues a company earned between January 1, 2005 and December 31, 2005.
		Net Income is the result of this equation, but revenue typically enjoys equal attention during a standard earnings call.
		Gross Margin is a calculation of revenue less Cost of Goods Sold, and is used to determine how well sales cover direct variable costs relating to the production of goods.
	en.wikipedia.org /wiki/Revenue (929 words)

	Gross Income from Sales: CCH Tax Guide
		For sole proprietors, income you receive from sales to your customers is reported on Line 1 of Schedule C or C-EZ.
		For most people the income has been received in the form of cash, checks, or credit card charges, but if you receive income in the form of goods or services in some type of bartering transaction, you must report the fair market value of whatever you receive.
		If you receive a negotiable promissory note in payment for a sale and you use the cash method of accounting, the fair market value of the note is reported in gross income at the time you receive it.
	www.completetax.com /taxguide/text/c60s15d130.asp?type=TARGET=_blank (546 words)

	Gross Income - Food Stamps
		Gross income means a household's total, non-excluded income before any deductions have been made and is the total of both gross earned income and gross unearned income.
		For most households, gross income is subject to the Food Stamp Program gross income test, where the household's gross income must be less than 130 percent of the Federal poverty level for a given household size.
		See the "Food Stamp Income Tests " topic for a chart of the gross income limits for households of various sizes.
	www.workworld.org /wwwebhelp/gross_income_food_stamps.htm (247 words)

	CITES BY TOPIC: gross income
		"income" defined-NOTE: It must FIRST be "income" in order to be "gross income"!
		Duberstein, 363 U.S. The exclusion of property acquired by gift from gross income under the federal income tax laws was made in the first income tax statute 4 passed under the authority of the Sixteenth Amendment, and has been a feature of the income tax statutes ever since.
		(2) gross income which is effectively connected with the conduct of a trade or business within the United States [** federal zone].
	famguardian.org /TaxFreedom/CitesByTopic/GrossIncome.htm (781 words)

	Gross Income (Site not responding. Last check: 2007-10-06)
		One question is whether the plaintiff recognizes gross income for Federal income tax purposes in the year in which the settlement agreement is signed (a devastating tax result), or in the years in which the payments are actually received.
		Even so, income is not constructively received when the taxpayer’s control over receipt is subject to substantial limits or restrictions or when it is a mere unsecured promise to pay.
		However, the plaintiff should not suffer acceleration of his or her income merely because of the interposition of a new obligor.
	www.aicpa.org /pubs/taxadv/online/jan2005/wood.htm (3136 words)

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