Sec+61+Gross+Income

26 USC Sec. 61

Definition of Gross Income: All income, from whatever source derived. No deductions are taken into account in determining it. Exclusions are not included in the Gross Income; Inclusions are added to other income to determine Gross Income.

TITLE 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter B - Computation of Taxable Income PART I - DEFINITION OF GROSS INCOME, ADJUSTED GROSS INCOME, TAXABLE  INCOME, ETC. § 61. Gross income defined

(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; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (4) Interest; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (5) Rents; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (6) Royalties; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (7) Dividends; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (8) Alimony and separate maintenance payments; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (9) Annuities; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (10) Income from life insurance and endowment contracts; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (11) Pensions; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (12) Income from discharge of indebtedness; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (13) Distributive share of partnership gross income; <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (14) Income in respect of a decedent; and <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (15) Income from an interest in an estate or trust.

<span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (b) Cross references <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> For items specifically included in gross income, see part II <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> (sec. 71 and following). For items specifically excluded from <span style="font-family: 'Times New Roman',serif; font-size: 12pt;"> gross income, see part III (sec. 101 and following).