What is income? -- Statutory inclusion and exclusion from gross income -- What is deductible : profit-related deductions and other allowances -- Mixed (personal and profit seeking) deductions and other allowances -- Personal deductions and other allowances -- Annual accounting : when is income taxable? -- To whom is income taxable? -- How is income taxable?
Summary:
"This Nutshell summarizes the U.S. federal income tax law for individuals, defines income, and identifies the different types of deductions available to a taxpayer. The book explains statutory inclusions and exclusions from gross income, profit-related deductions, mixed deductions, personal deductions, other allowances, and the rules for determining taxable income"--Publisher's description.
This resource is supported by the Institute of Museum and Library Services under the provisions of the Library Services and Technology Act as administered by State Library of Iowa.