Federal Taxations Week 2 Lecture 1

In the previous lesson we discussed Tax Determination; Personal and Dependency Exemptions. In this lesson we will discuss Gross Income: Concepts and Inclusions and begin discussing in more detail some of the concepts that make up the current internal revenue code. Next Slide:      

2.            This lesson is concerned with the first step in the computation of taxable income – the determination of gross income. Questions that are addressed include the following: What: What is income? When: In which tax period is the income recognized? And Who: Who must include the item of income in gross income? Next Slide:    
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