Imputed income is the accession to wealth that can be attributed, or imputed, to a person when he or she avoids paying for services by providing the services to himself or herself, or when the person avoids paying rent for durable goods by owning the durable goods, as in in the case of imputed rent.
Read more about Imputed Income: Taxation of Imputed Income
Famous quotes containing the words imputed and/or income:
“In the U.S. for instance, the value of a homemaker’s productive work has been imputed mostly when she was maimed or killed and insurance companies and/or the courts had to calculate the amount to pay her family in damages. Even at that, the rates were mostly pink collar and the big number was attributed to the husband’s pain and suffering.”
—Gloria Steinem (20th century)
“We commonly say that the rich man can speak the truth, can afford honesty, can afford independence of opinion and action;—and that is the theory of nobility. But it is the rich man in a true sense, that is to say, not the man of large income and large expenditure, but solely the man whose outlay is less than his income and is steadily kept so.”
—Ralph Waldo Emerson (1803–1882)