Gross income includes income from all sources as you can, Ask an Expert

Accounting

Gross Income includes income from all sources, as you can see if you look at Section 61 of the Internal Revenue Code. But it does not include the receipt of gifts or inheritances. Is there a tax on these and if there is, who pays it?

Secondly, what would you rather have, a tax credit or a tax deduction.

Would you rather have income from capital gains or "ordinary income"?

Please discuss the above, and give exs.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M958390

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