Wages, fees for services, tips, and similar income. It is well established that income from personal services must be included in the gross income of the person who performs the services. Mere assignment of the income does not shift the liability for the tax.

[8]

received,^[9] as well as imputed interest on below market and gift loans.^[10]

Interest

, including capital gain distributions, from corporations.^[11]

Dividends

Gross profit from sale of . The sales price, net of discounts, less cost of goods sold is included in income.^[12]

inventory

Gains on disposition of other property. Gain is measured as the excess of proceeds over the taxpayer's in the property.^[13] Losses from property may be allowed as tax deductions.^[14]

adjusted basis

Rents and from use of tangible or intangible property.^[15] The full amount of rent or royalty is included in income, and expenses incurred to produce this income may be allowed as tax deductions.^[16]

royalties

and separate maintenance payments.^[17]

Alimony

,^[18] annuities,^[19] and income from life insurance or endowment contracts.^[20]

Pensions

Distributive share of income^[21] or pro rata share of income of an S corporation.^[22]

partnership

State and local income tax refunds, to the extent previously deducted. These are generally excluded from gross income for state and local income tax purposes.

Any other income from whatever source. Even income from is taxable and must be reported, as failure to do so is a crime in itself.^[23]

crimes

Adjusted gross income

Effective gross income

Gross profit

Gross margin

Net income

Amount Realized

(COGS)

Cost of goods sold

(EBITDA)

Earnings before interest, taxes, depreciation and amortization

(the ratio of net income to net sales)

Profit margin

(SG&A)

Selling, general and administrative expenses

Income statement

Willis, Eugene, Hoffman, William H. Jr., et al., South-Western Federal Taxation, published annually. 2009 edition (cited above as Willis|Hoffman 2009) included 978-0-324-66050-0 (student) and ISBN 978-0-324-66208-5 (instructor).

ISBN

Pratt, James W., Kulsrud, William N., et al., Federal Taxation", updated periodically. 2010 edition 978-1-4240-6986-6 (cited above as Pratt & Kulsrud).