Explain detail gross Income and Exclusions. Give 10 examples of items included in Gross Income and 10 examples of items included in Exclusions. Comment on how you can use IRS Publication 17 as a reference to study income which is included in Gross Income.

Gross Income is defined in Internal Revenue Code (IRC) 61. Discuss what IRC 61 states.

Also, explain Return of Capital Principle, the Accrual and Cash Methods, the Claim of Right Doctrine, the Assignment of Income Doctrine, and how to calculate gains on the sale of a personal residence.

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income gross income is the sum of all wages salaries profits interest payments rents and other forms of earnings before any deductions or taxes It is ... View the full answer