taxable income

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Taxable Income

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-references

Income Tax.

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

taxable income

see INCOME TAX, TOTAL INCOME.
Collins Dictionary of Law © W.J. Stewart, 2006