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Form 1120 - Gross Income  

CATEGORY: Taxation
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4 CPE Credits

Gross income that is subject to the income tax includes income from any source, unless a specific exclusion is provided by tax law. Further, as a matter of policy, courts have construed the exceptions fairly narrowly. Income can be received in different forms: money, property, or services. The fair market value of property or services received must be included in income. The basic principle underlying allowable deductions is opposite to the rule regarding gross income: deductions are not allowed unless specifically authorized by law. Once more, courts have generally strictly construed the law permitting deductions.

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