Federal Tax

Gross Income: Overview and Conceptual Aspects (Portfolio 501)

  • This Portfolio provides a conceptual framework for handling gross income issues by exploring the nature, scope, significance, definition, and fundamental concepts of gross income.

Description

Bloomberg Tax Portfolio, Gross Income: Overview and Conceptual Aspects, No. 501, serves three primary functions for the practitioner. First, it provides a conceptual framework for handling issues relating to the gross income concept. The Portfolio explores the nature, scope, significance, definition, and fundamental concepts of gross income. Topics discussed include imputed income, tax-deferred income, recapture income, the timing of income, the significance of the form of receipt, pass-through rules, foreign issues, compensation income, trade or business income, and investment income, as well as personal transactions and miscellaneous transactions.

Second, the Portfolio explains the basic rules of numerous specific provisions subsumed in the broad categories referred to above (for example, computation of gross income under the installment method).

Third, the practitioner can use the Portfolio as a tool for identifying Bloomberg Tax Portfolios that provide an in-depth treatment of specific topics discussed here. Cross references to applicable Portfolios appear in each section of this Portfolio. Also, the Working Papers include a Portfolio finding table.

Table of Contents

I. Introduction
II. The Significance of Gross Income
III. Concept and Definition of Gross Income
IV. The Scope of Gross Income
V. Timing Rules
VI. Foreign Issues
VII. The Passing Through of Gross Income
VIII. Compensation Transactions
IX. Trade or Business Operations
X. Investment Transactions
XI. Non-Business Transactions
XII. Miscellaneous Transactions

maule-james-2015
James Maule
Professor of Law, Emeritus
Villanova University School of Law
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