Explain the differences between the economic, accounting, and tax concepts of gross income.
LO.1 Explain the differences between the economic, accounting, and tax concepts of gross income. Code § 61(a) of the Internal Revenue Code defines the term gross income as follows: ⦁ Except as otherwise provided in this subtitle, gross income means all income from whatever source derived. This definition, taken from the Sixteenth Amendment to the Constitution, provides […]