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Taxable Income

Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer.

CROSS-REFERENCES

Income Tax.

Taxable Situs [next] [back] Tax Sale - Requirements, Notice, Buyer, Redemption, Sale Prohibited, Further Readings - Manner, Price

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