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Related to Income: income statement, net income


The return in money from one's business, labor, or capital invested; gains, profits, salary, wages, etc.

The gain derived from capital, from labor or effort, or both combined, including profit or gain through sale or conversion of capital. Income is not a gain accruing to capital or a growth in the value of the investment, but is a profit, something of exchangeable value, proceeding from the property and being received or drawn by the recipient for separate use, benefit, and disposal. That which comes in or is received from any business, or investment of capital, without reference to outgoing expenditures.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


n. money, goods or other economic benefit received. Under income tax laws, income can be "active" through one's efforts or work (including management), or "passive" from rentals, stock dividends, investments and interest on deposits in which there is neither physical effort nor management. For tax purposes, income does not include gifts and inheritances received. Taxes are collected based on income by the federal government and most state governments.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

INCOME. The gain which proceeds from property, labor, or business; it is applied particularly to individuals; the income of the government is usually called revenue.
     2. It has been holden that a devise of the income of land, is in effect the same as a devise of the land itself. 9 Mass. 372; 1 Ashm. 136.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Because the kiddie tax is imposed only on unearned income in excess of $1,700, unearned income below that threshold is taxed at the child's rate.
For this reason the NIMCRUT is perhaps the most popular type of charitable remainder trust, since it allows for the deferral of income to later years, much like a deferred-income retirement plan, and still allows the trustee to maximize the payout amount.
Despite the growing importance of longevity risk management and retirement income planning, there has been comparatively little action taken to date by consumers, advisers or financial intermediaries (including lid insurers) to address these issues.
Under the arrangement, 98% of Castle Harbour's operating income was allocated to the Dutch banks; consequently, the same percentage of net book income (operating income reduced by expenses including an allocable amount of depreciation) was allocated to the banks, representing their actual income from the Castle Harbour investment.
* $7 million, 264-unit project in Toronto, BG Schickedanz for lower income senior citizens, families with children, and single persons.
Figure 1 shows the income distribution for 1997-2002, for both mean income and median income (see the box for a quick brush-up on statistical terms.) At $95,850, the median income reported for 2002 showed a $4,850 gain over 2001's median income of $91,000.
Because it is based on reported income, it fails to take into account savings, loans, and private assistance, or such valuable assets as a fully owned home or car, and much else.
Thaddeus Stevens, the Pennsylvania Republican who chaired the House Ways and Means Committee, complained--in language that still echoes in The Wall Street Journal editorial pages--that it was "vicious" and "unjust" to impose "a punishment Of the rich man because he is rich." When Congress passed a primitive income tax bill in 1862, Lincoln's defiant treasury secretary, Samuel Chase, ignored the law, preferring to fund the war through more government borrowing (sound familiar?).
In many cases in which a specific rollover provision (subsection 88(3) or paragraphs 95(2)(c), (d) or (e)) does not apply, the proposal (in proposed subsection 93(1.4) of the Act) would deem the shares transferred to be outside the definition of "excluded property." Consequently, any gain realized by an affiliate on the disposition of the shares (in excess of the amount eligible for a section 93 deemed dividend election) would create FAPI (foreign accrual property income), which is taxed immediately in the hands of the Canadian shareholder if the affiliate is a controlled foreign affiliate.
Income from foreign partners can be treated in one of two ways.
Mary's income from Social Security and an employer's disability policy is in excess of her state's Medicaid limits.