income


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Related to income: income statement, net income

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.

income

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.

income

noun allowance, annuity, business profits, commercial profits, compensation, consideration, fees, financial remuneration, financial resources, fringe benefits, gain derived from capital, gain derived from labor, gains, gross, gross income, gross reeurn, increase in amount of wealth, livelihood, means, money coming in, net return, pay, payment, pecunia, periodic returns from property or labor, proceeds, profit from conversion of assets, profit from sale, profits, profits of commerce, quaestus, receipts, recompense, return in money, return on capital, revenue, salary, sale proceeds, something produced by capital, stipend, subsidy, value received, vectigal, wage, wages, wealth
Associated concepts: accumulated income, actual income, affordable housing, aggregate income, annual net income, current income, deferred income, division of income, emmloyment law, estimated income, garnishment of income, gross income, income-bearing property, income execution, income tax, income tax evasion, income yield, legacy, life income, low income, minimum wage, net income, retireeent income, social security income
See also: alimony, annuity, capital, earnings, finance, honorarium, money, pay, proceeds, profit, receipt, recompense, rent, resource, retainer, revenue, substance, wage

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.

References in periodicals archive ?
Although the opportunity to lower taxes by transferring income-producing assets to children under 18 is curtailed by the kiddie tax, putting a child's funds in investments that produce little or no current taxable income can help avoid the tax; see RIA's Complete Analysis of the Tax Increase Prevention and Reconciliation Act of 2005, [paragraph] 204.
As always, the deduction for gifts of appreciated capital-gain property that will pass to public charities is limited to 30 percent of the donor's adjusted gross income in the year of the donation, with a five-year carryover period for any excess deduction.
So why hasn't this burgeoning need for retirement income and longevity risk management translated into a vibrant commercial marketplace?
In addition IRS Publication 17, Your Federal Income Tax, states that clerics who own their homes can exclude the lesser of the following:
2 million for a 193-unit project in Toronto, Medallion Property Incorporated for lower income senior citizens, families with children, and single persons.
The 2001 survey's income leader, the Southeast, showed one of the most modest gains of any region.
who may begin employment part-way through the year and therefore report a low annual wage; self-employed business people and farmers, whose reported incomes, but not necessarily their standard of living, may fall in some years, perhaps due to capital losses or other write-offs against earnings; some clergy and others who voluntarily accept a low income.
The following year, Congress passed, and Lincoln signed, a more carefully thought out income tax bill, which included the creation of a new agency to administer it.
However, when income allocated from the limited partnership is effectively connected with a trade or business within the U.
Under sections 863(d) and (e), the source of income is determined generally with reference to the residence of the taxpayer.
The report also shows that an additional 18,000 Americans with high incomes paid less than 5 percent of their income in taxes.