(a) General definition. Gross income means all income from whatever source derived, unless excluded by law. Gross income includes income realized in any form, whether in money, property, or services. Income may be realized, therefore, in the form of services, meals, accommodations, stock, or other property, as well as in cash. Section 61 lists the more common items of gross income for purposes of illustration. For purposes of further illustration, § 1.61-14 mentions several miscellaneous items of gross income not listed specifically in section 61. Gross income, however, is not limited to the items so enumerated.
(b) Cross references. Cross references to other provisions of the Code are to be found throughout the regulations under section 61. The purpose of these cross references is to direct attention to the more common items which are included in or excluded from gross income entirely, or treated in some special manner. To the extent that another section of the Code or of the regulations thereunder, provides specific treatment for any item of income, such other provision shall apply notwithstanding section 61 and the regulations thereunder. The cross references do not cover all possible items.
(1) For examples of items specifically included in gross income, see Part II (section 71 and following), Subchapter B, Chapter 1 of the Code.
(2) For examples of items specifically excluded from gross income, see part III (section 101 and following), Subchapter B, Chapter 1 of the Code.
(3) For general rules as to the taxable year for which an item is to be included in gross income, see section 451 and the regulations thereunder.
Notes of Decisions
Venture Funding v. Comm'r, 110 T.C. 236 (Tax Ct. 1998).
· cites it 4× “The regulations regarding gross income also use variations of the word "include" to describe items that constitute gross income.”
Gates v. Comm'r, 135 T.C. 1 (Tax Ct. 2010).
· cites it 2× “Sale of the Summit Road Property Gross income means all income from whatever source derived, unless excluded by law.”
Marriage of Thibadeau v. Thibadeau, 441 N.W.2d 281 (Wis. Ct. App. 1989).
· cites it 3× “02(12) defines "gross income" as "all income as defined under 26 CFR 1.61-1 that is derived from any source and realized in any form.”
Bakersfield Energy Partners, LP v. Comm'r, 568 F.3d 767 (9th Cir. 2009).
“§ 61 (a); 26 C.F.R. § 1.61-1 (a). Given this definition of “gross income,” disputes arose over whether the extended limitations period of § 275(c) applied if a taxpayer overstated its basis.”
Shanks v. Lowe, 774 A.2d 411 (Md. 2001).
· cites it 2× “Dolle to file a claim for either unemployment insurance or workers' compensation benefits, any benefits to which she might be entitled would be determined on the basis of the aggregate amounts she received from both Kibby's and its customers.”
Brad Michael L. v. Lee D., 564 N.W.2d 354 (Wis. Ct. App. 1997).
· cites it 3× “Gross income is defined as "all income as defined under 26 CFR 1.61-1 that is derived from any source and realized in any form, whether money, property or services, and whether reported as total income on the payer's federal tax return or exempt from being taxed under federal…”
In Re Marriage of Cashin v. Cashin, 2004 WI App 92 (Wis. Ct. App. 2004).
“02(l3)(a) 1 defined "gross income" as "all income considered federal gross income under 26 C.F.R. 1.61-1" and that federal regulation defined "gross income" as "all income from whatever source derived, unless excluded by law.”
In Re Child Support Arrearages, 2006 WI App 238 (Wis. Ct. App. 2006).
· cites it 3× “During the support years here at issue, the code defined income as, inter alia, "[a]ll income considered federal gross income under 26 CFR 1.61-1," and "[a]U other income, whether taxable or not.”
In Re Marriage of Abitz v. Abitz, 455 N.W.2d 609 (Wis. 1990).
“Income may be realized, therefore, in the form of services, meals, accommodations, stock, or other property, as well as in cash.”
Premji v. Comm'r, 1996 T.C. Memo. 304 (Tax Ct. 1996).
· cites it 2× “An item of gross income shall be included in the taxable year when received by the taxpayer unless under the taxpayer's method of accounting the amount is properly reported in a different period.”
Strong v. Comm'r, 91 T.C. 627 (Tax Ct. 1988).
· cites it 2× “It has long been established that income is realized when rent, dividends, or other entitlements are paid in form other than cash.”
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