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Taxable Income |
Also found in: Financial, Acronyms, Wikipedia | 0.03 sec. |
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Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. Cross-referencesHow to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The maximum allowable credit is the proportion of an individual taxpayer's foreign-source taxable income over the taxpayer's total U. The claim of right doctrine requires taxpayers who receive disputed income to treat it as taxable income if there are no restrictions on how they can use this money When there are restrictions---as when the disputed money is in an escrow account--they pay taxes on the disputed amount only when and if they receive the money During year 1, Trust receives $100,000 of taxable income. |
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