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income legal definition
noun
Money received for services performed, products sold,
as interest on investments, as royalties on inventions or creative works, or
generally in exchange for some performance or consideration.
adjusted gross income
Gross income minus deductions permitted by the Internal
Revenue Code.
gross income
Income prior to any exemptions, exclusions, or deductions.
imputed income
The doctrine that, under certain circumstances, a taxpayer
realizes taxable income as a result of the use or consumption of his or her own
property.
income in respect of a decedent
Income due to a person before death but not
collected until afterward.
net income
Income after all exemptions, exclusions, and deductions.
ordinary income
Income from routine or everyday activities, such as the
operations of a business or the labor of an individual.
taxable income
Same as net income.
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