Income
Filed Under: Taxation
2 definitions found for this term.
Definitions are presented in the order source books were published (most recent first).
Source:
The money and other benefits net of certain expenses flowing to individuals, firms, and other groups in the economy.
Source:
The money and other benefits net of certain expenses flowing to individuals, firms, and other groups in the economy. For purposes of the income tax, income is specifically defined to exclude certain types of benefits, such as a capital gain on sale of a principal residence.