Gross Income
Gross income includes "all income from whatever source," and is not limited to cash received. It specifically includes wages, salary, bonuses, interest, dividends, rents, royalties, income from operating a business, alimony, pensions and annuities, share of income from partnerships and S corporations, and income tax refunds. Gross income includes net gains for disposal of assets, including capital gains and capital losses. Losses on personal assets are not deducted in computing gross income or adjusted gross income.
Read more about this topic: Adjusted Gross Income
Famous quotes containing the words gross and/or income:
“How weary, stale, flat, and unprofitable
Seem to me all the uses of this world!
Fie on’t, ah fie! ‘tis an unweeded garden
That grows to seed, things rank and gross in nature
Possess it merely.”
—William Shakespeare (1564–1616)
“The secret of success lies never in the amount of money, but in the relation of income to outgo.”
—Ralph Waldo Emerson (1803–1882)