Definition from Nolo’s Plain-English Law Dictionary
Money, goods, or other economic benefit received. Under income tax laws, income can be active through one's efforts or work, or passive from rentals, stock dividends, investments, and interest on deposits in which there is neither physical effort nor management. For tax purposes, income does not include gifts and inheritances received. Taxes are collected based on income by the federal government and most state governments.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:17 pm