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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 ?
The results confirm a positive relationship between income and health spending with an aggregated income elasticity of health spending less than one.
The results were an income elasticity estimate of-1.24 for GDP per capita and -5.71 for the Human Capital Index, significant, each with t = 12.
OWN PRICE, CROSS PRICE, AND INCOME ELASTICITY, AIDS 1990-2012 Expenditure CS I G M Z CS -0.1259 -0.5874 -0.1067 -0.0870 0.9070 I 0.0202 0.0991 0.1286 1.4210 G -0.4885 0.0337 0.7134 M -0.9509 0.9321 Source: Processed form Table 2.
Analysis of the income elasticity was determined in 2,418 Slovak households.
Cigarette demand is inelastic to price and income, however, the demand price elasticity is a bit larger in absolute value than the income elasticity. That is, with a growing economy and, therefore, increasing real income among the population, a more than proportional increase in the real price is not required to cause a drop in cigarette demand.
Income elasticity is denoted by the coefficients [[alpha].sup.c] and [[alpha].sup.x] in the equations
As a result, any estimation of aggregate demand to arrive at measures of a representative consumer's income elasticity of demand and price-elasticity demand is essentially an empty exercise because the restrictions (values) placed on the income elasticity and price elasticity are presupposed prior to any estimation.
Hence, in line with recent research on health expenditure and supported by the availability of a unique database dating back to 1970, I aim at measuring the income elasticity of insurance from a panel time series perspective.
(2008), "Uretim Mallan ithalati Fiyatve Gelir Esneklikleri Tahmini: Turkiye Omegi (Manufacturing Goods Import Price and Income Elasticity Estimation: The Case of Turkey)," KOSBED 1(15): 1-16.