Business Administration

Tag: Section 61

  • Internal Revenue Service – Definition of Revenue

    Internal Revenue Service – Definition of Revenue

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    by

    David J Hoare MSA
    in

    The Sixteenth Amendment to the Constitution of the United States gives authority to Congress to tax income. The Internal Revenue Service defines revenue via a term ‘Gross Income’. In Chapter 26 of the Federal Code (Chapter 26 is the Internal Revenue Code) Section 61, Congress defines gross income as “… all income from whatever source derived…”. This means…