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 fearful
And dizzy ‘tis, to cast one’s eyes so low!
The crows and choughs that wing the midway air
Show scarce so gross as beetles. Half way down
Hangs one that gathers samphire, dreadful trade!”
—William Shakespeare (1564–1616)
“Some rough political choices lie ahead. Should affirmative action be retained? Should preference be given to people on the basis of income rather than race? Should the system be—and can it be—scrapped altogether?”
—David K. Shipler (b. 1942)