US Income

Gross Income: Overview and Conceptual Aspects (501 2nd)

 

Portfolio Description

Tax Management Portfolio, Gross Income: Overview and Conceptual Aspects, No. 501-2nd, serves three primary functions for the practitioner. First, it provides a conceptual framework for handling issues relating to the gross income concept. The portfolio explores the nature, scope, significance, definition, and fundamental concepts of gross income. Topics discussed include imputed income, tax-deferred income, recapture income, the timing of income, the significance of the form of receipt, pass-through rules, foreign issues, compensation income, trade or business income, and investment income, as well as personal transactions and miscellaneous transactions.

Second, the portfolio explains the basic rules of numerous specific provisions subsumed in the broad categories referred to above (for example, computation of gross income under the installment method).

Third, the practitioner can use the portfolio as a tool for identifying Tax Management portfolios that provide an in-depth treatment of specific topics discussed here. Cross references to applicable portfolios appear in each section of this portfolio. Also, a portfolio finding table appears as a Worksheet, beginning on page B-101.

This portfolio may be cited as Maule, 501-2nd T.M., Gross Income: Overview and Conceptual Aspects.

James Edward Maule, B.S., University of Pennsylvania (1973); J.D., Villanova University (1976); LL.M. (Taxation), George Washington University (1979); Lecturer, Villanova University Graduate Tax Program and Tax Forum CLE Programs; Lecturer, Philadelphia Tax Conference; former Lecturer, Philadelphia Bar Association Tax Section; former Lecturer, ALI-ABA; former Lecturer, Tax Management, Inc. & Continuing Legal Education Satellite Network; former Lecturer, Pennsylvania Bar Institute; former Lecturer, The Dickinson School of Law CLE Programs; member, American Bar Association, Section of Taxation, Committee on Formation of Tax Policy; member, American Bar Association, Section of Taxation, Committee on S Corporations (former Consultant and former Chair, Subcommittee on Subchapter S and State Law; former Chair, Subcommittee on Comparison of Partnerships and S Corporations; former member, Task Force on Legislative Recommendation No. 86-1); member, American Bar Association, Section of Taxation, Committee on Teaching Taxation (former Chair, Subcommittee on Manuscripts and Unpublished Teaching Materials); member, American Bar Association, Section of Taxation, Tax Practice Management Committee; former member, American Bar Association, Section of Taxation, Committee on Tax Structure and Simplification (former Chair and Reporter, Phaseout Tax Elimination Project); former member, American Bar Association Tax Section Task Force on Pass-Through Entities; former member, Philadelphia Bar Association Tax Section; author and owner, TaxJEM Inc., publisher of computer assisted legal instruction programs; owner and publisher, JEMBook Publishing Co.; co-owner, StarJEM LLC; developer, TaxCruncherPro, income tax planning software; author of numerous books, monographs, and book chapters; contributor to various tax and legal periodicals.