Adjusted Gross Income

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Adjusted Gross Income

The term used for Income Tax purposes to describe gross income less certain allowable deductions such as trade and business deductions, moving expenses, Alimony paid, and penalties for premature withdrawals from term savings accounts, in order to determine a person's taxable income.

The rules for computing adjusted gross income for federal income tax may differ from the rules in a state that imposes a state income tax.

References in periodicals archive ?
As mentioned, subsection 247(10) seems to require positive adjustments to income to be made.
2) Represents adjustments to income tax expense assuming conversion of non-controlling interests into shares of Class A common stock.
As a result, total out-of-period adjustments to income tax expense for the fourth quarter of 2009 totaled $10.
Under a section captioned "Penalties," the IRS observes that lawsuit settlement cases usually result in significant adjustments to income.
iii) adjustments to income tax expense to reflect an estimated 30% tax rate APW Ltd.
These pro forma results also reflect the impact of pro forma adjustments to income tax expense.
Part I of this two-part article examines income inclusions and exclusions, the special exclusion for combat zone duty, various adjustments to income, dependency exemptions and itemized deductions.
Pro forma adjustments primarily relate to contractual agreements entered into as a result of the acquisitions, amortization of goodwill on the acquired companies and adjustments to income tax provisions.
The practical effect of this is that any adjustments to income that arises as a result of the IRS audit will have to be taken immediately by the taxpayer rather than being spread over Rev.
Wilson, said, "The adjustments to income should be behind us now and we are looking forward to a very strong fourth quarter as a result of the closing of the Germany Oil Company purchase.
A majority of the proposed adjustments to income in those fiscal years related to the allocation of income between Seagate and its foreign subsidiaries.
Generally, the projected payment schedule does not change based on whether or not the contingent payments are made; instead, differences between actual and projected contingent payments are treated as adjustments to income when paid.