Gross Income

#TRAINlawDefinitionOfTerms

Gross Income – means all income derived from whatever source, including but not limited to the following items:

1. Compensation for services in whatever form paid, including, but not limited to fees, salaries, wages, commissions, and similar items;

2. Gross income derived from the conduct of trade or business or the exercise of a profession;

3. Gains derived from dealings in property;

4. Interests;

5. Rents;

6. Royalties;

7. Dividends;

8. Annuities;

9. Prizes and Winnings;

10. Pensions; and

11. Partner’s distributive share from the net income of the general professional partnership.