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Section 61 contains a rare example of intensive redundancy, or emphatic redundancy, in the Internal Revenue Code.That is, the parenthetical phrase "but not limited to" redundantly intensifies the significance of the phrase "all income" and the phrase "from whatever source derived."
Corporate income tax is based on net taxable income as defined under federal or state law. Generally, taxable income for a corporation is gross income (business and possibly non-business receipts less cost of goods sold) less allowable tax deductions. Certain income, and some corporations, are subject to a tax exemption. Also, tax deductions ...
In U.S. business and financial accounting, income is generally defined by Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board as: Revenues – Expenses; however, many people use it as shorthand for net income, which is the amount of money that a company earns after covering all of its costs as well as taxes.
Unrelated Business Income Tax (UBIT) in the U.S. Internal Revenue Code is the tax on unrelated business income, which comes from an activity engaged in by a tax-exempt 26 U.S.C. 501 organization that is not related to the tax-exempt purpose of that organization.
Among other things, the value of Ke and the Cost of Debt (COD) [6] enables management to arbitrate different forms of short and long term financing for various types of expenditures. Ke applies most prominently to companies that regularly generate excess capital (free cash flow, cash on hand) from ongoing operations.
What is my filing status? There are five options: single, head of household, married filing separately or jointly, and qualifying widow(er). It helps determine how much income tax you pay
It is often referred to as the "top line" due to its position at the very top of the income statement. This is to be contrasted with the "bottom line" which denotes net income (gross revenues minus total expenses). [3] In general usage, revenue is the total amount of income by the sale of goods or services related to the company's operations.
By contrast, nonresidents are generally subject to income tax on the gross amount of income of most types plus the net business income earned within the jurisdiction. Expenses incurred in a trading, business, rental, or other income producing activity are generally deductible, though there may be limitations on some types of expenses or activities.