Gross Income — Inclusions and Exclusions

Free CPA REG (Taxation & Regulation) lesson in Federal Taxation of Individuals. 18 min read, ~2,770 words.

Section 61: gross income is all income from whatever source derived, unless a specific Code section excludes it. Default is "yes, taxable.". Constructive receipt makes income taxable when it is available without substantial restriction, even if you do not actually take the cash. Social Security taxability is 0%, 50%, or...