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Ssssssssssssssssss Essay

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Below is an essay on "Ssssssssssssssssss" from Anti Essays, your source for research papers, essays, and term paper examples.

ss income in United States tax law is receipts and gains from all sources less cost of goods sold. Gross income is the starting point for determining Federal and state income tax of individuals, corporations, estates and trusts, whether resident or nonresident.[1]

"Except as otherwise provided" by law, Gross income means "all income from whatever source," and is not limited to cash received. However, tax regulations expand on this and say "all income from whatever source derived, unless excluded by law." The amount of income recognized is generally the value received or 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.


Contents
  [hide]   1 What is income
2 Year of inclusion
3 Amount of income
4 Exclusions from gross income
5 Source of income 5.1 Taxation of foreign persons

6 Further reading
7 References
8 See also


[edit] What is income

Individuals, corporations, members of partnerships, estates, trusts, and their beneficiaries ("taxpayers") are subject to Income tax in the United States. The amount on which tax is computed, taxable income, equals gross income less allowable tax deductions.

The Internal Revenue Code states that "gross income means all income from whatever source derived," and gives specific examples.[2] The examples are not all inclusive. The term "income" is not defined in the law or regulations. However, a very early Supreme Court case stated, "Income may be defined as the gain derived from capital, from labor, or from both combined, provided it is understood to include profit gained through a sale or conversion of capital assets."[3] The Court also held that the amount of gross income on disposition of property is the proceeds less the capital value (cost basis) of the property.[4]

Gross income...

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  • Submitted by: brentchris
  • on March 18, 2012
  • Category: Business and Economics
  • Length: 802 words
  • Views: 603
  • Popularity Rank: 276209
  • 1 rating(s)

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