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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 ?
Dubay and Kenney (2000) show it is important to make exclusions to income amounts for public programs income disregards.
One potential outcome of our analysis is to create a methodology that could be used to impute aggregated income amounts into omnibus income ranges in order to better estimate poverty and eligibility on health surveys that, given space and resource constraints, only ask omnibus income questions.
If, for example, one developed a hotdeck income procedure that matched CPS respondents to BRFSS respondents based on their CPS omnibus income to BRFSS omnibus income amounts, then the bias may be reduced.
(4.) We do include imputed aggregated income amounts. In the statistical analysis, we explicitly control for whether any of the family income amounts were imputed.
When constructing Medicaid eligibility units it is essential to know how people within the household are related and the income amounts for each person.
Reflecting their emphasis on health rather than income as a principal content area, most of the health surveys generally rely on one "omnibus" family income question asking about the total family income with one omnibus survey item in the form of either a continuous income amount or a categorical income amount.
We expect to find that the omnibus income amount tends to be lower and under-reported when compared to the aggregated income amount (Moeller and Mathiowetz 1994).