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Form 1040 - Gross Income  

CATEGORY: Taxation
COURSE ID: CPT4GI, VERSION 3.00
(54)
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4 CPE Credits

IRC Sec. 61 defines gross income as all income from whatever source derived except as otherwise provided in the Internal Revenue Code. It is easy to see that gross income is an all-encompassing concept that includes any accession to wealth from whatever source and in whatever form realized. Income that is generally includible in gross income may fall within certain exceptions that make it excludable. For example, interest income is generally includible in gross income, but certain interest income derived from state or local (municipal) bonds is specifically tax-free or excludable from gross income. [IRC Sec. 103] Furthermore, the Internal Revenue Code specifically names certain items of income as includible so that there is no doubt that they are taxable. The following material discusses items that are specifically characterized in the Internal Revenue Code as either includible or excludable.

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