Taxpayers need not include an income item in gross income unless there is a specific tax provision requiring the taxpayer to include the income item in gross income.

Name: Taxpayers need not include an income item in gross income unless there is a specific tax provision requiring the taxpayer to include the income item in gross income.
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Question

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Tax laws are based on the all-inclusive income concept. Under this concept, gross income generally includes all realized income from whatever source derived.

Taxpayers Need Not Include an Income Item in Gross Income