A taxpayer who borrows money will include that amount borrowed in their gross income under the all-inclusive definition of income.

Name: A taxpayer who borrows money will include that amount borrowed in their gross income under the all-inclusive definition of income.
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Borrowed money is not included in gross income because it is considered a liability that must be paid back. However, any interest paid on the borrowed money may be deductible on the taxpayer's tax return.

A Taxpayer Who Borrows Money Will Include That Amount Borrowed