Page:United States Statutes at Large Volume 68A.djvu/57

 CH. 1—NORMAL TAXES AND SURTAXES

17

Subchapter B—Computation of Taxable Income Part Part Part Part Part Part Part Part Part

I. Definition of gross income, adjusted gross income, and taxable income. II. Items specifically included in gross income. III. Items specifically excluded from gross income. IV. Standard deduction for individuals. V. Deductions for personal exemptions. VI. Itemized deductions for individuals and corporations. VII. Additional itemized deductions for individuals. VIII. Special deductions for corporations. IX. Items not deductible.

PART I—DEFINITION OF GROSS INCOME, ADJUSTED GROSS INCOME, AND TAXABLE INCOME Sec. 61. Gross income defined. See. 62. Adjusted gross income defined. Sec. 63. Taxable income defined. SEC. 61. GROSS INCOME DEFINED. (a) GENERAL DEFINITION.—Except as otherwise provided in this

subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, and similar items; (2) Gross income derived from business; (3) Gains derived from dealings in property; (4) Interest; (5) Kents; (6) Royalties; (7) Dividends; (8) Alimony and separate maintenance payments; (9) Annuities; (10) Income from life insurance and endowment contracts; (11) Pensions; (12) Income from discharge of indebtedness; (13) Distributive share of partnership gross income; (14) Income in respect of a decedent; and (15) Income from an interest in an estate or trust. (b)

CROSS R E F E R E N C E S. —

For items specifically included in gross income, see part II (sec. 71 and following). For items specifically excluded from gross income, see part III (sec. 101 and following). SEC. 62. ADJUSTED GROSS INCOME DEFINED.

For purposes of this subtitle, the term "adjusted gross income" means, in the case of an individual, gross income minus the following deductions: (1) TRADE AND BUSINESS DEDUCTIONS.—The deductions allowed by this chapter (other than by part VII of this subchapter) which are attributable to a trade or business carried on by the taxpayer, § 62(1)

�