What is Income?

IRC § 61 states all income from whatever source derived is taxable, unless specifically excluded by another Code section.

IRC stands for Internal Revenue Code.  If you ever tried to read it, you’ll know why they call it code!   § is the symbol for Code section.

This entry was posted in General, Income Tax, International Taxation, LLC's, Retirement Accounts, Sub S Corporations. Bookmark the permalink.

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