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Page 17 of 18 |
What income is subject to tax? |
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All income is subject to tax. Income is very broadly defined - "gross income means all income from whatever source derived" - including such items as compensation for services (wages, fees, commissions, etc.), income from business, interest earned, rents, royalties, and dividends received, receipt of alimony, annuity or income from life insurance and endowment contracts, pensions, discharge of debts, income in respect of a decedent, and income from an interest in an estate or trust. Even income derived from illegal activities is subject to tax.
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