Internal Revenue Code

(a) General Definition. Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:

  1. Compensation for services, including fees, commissions, fringe benefits, and similar items
  2. Gross income derived from business;
  3. Gains derived from dealings in property;
  4. Interest;
  5. Rents;
  6. Royalties;
  7. Dividends;
  8. Annuities;
  9. Income from life insurance and endowment contracts;
  10. Pensions;
  11. Income from discharge of indebtedness;
  12. Distributive share of partnershipgross income;
  13. Income in respect of a decedent; and
  14. Income from an interest in an estate or trust.

NOTES

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QuickStart Guide to Accounting for Cost of Goods Sold Copyright © 2019 by reecejr1 and Reece B. Morrel, Jr. JD MBA CPA CGMA AEP®. All Rights Reserved.

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