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Tax Glossary: Gross Income

Posted by McDonald & Osborne Posted on Oct 12 2015

Gross Income : All income from all sources that might be subject to tax. Most “realized” increases in wealth are considered income. The main exceptions for individuals are gifts, inheritances, increases in value of property prior to sale, loan repayments and some personal injury awards. For businesses, investments in their capital are not considered income to the business at the time of investment.