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QUESTION DETAIL
Related User
Votes
In some foreign countries, the tax law specifically designates the types of income items that are includible in gross income. How does this approach compare with the U.S. Internal Revenue Code 61. What is a major advantage to the approach used in the U.S
ANSWER
The BIDaWIZ Team's Answer:
This differs from IRC 61; which, basically, provides that all
money received is taxable income; unless, there is a code provision
that exempts the item from taxation. There is no advantage to the US
taxpyayer; only to the US government.
