Find a Tax Glossary on Any Freely Accessible Web Site

question 66

Essay

Find a tax glossary on any freely accessible Web site and provide the URL. Also find and provide a citation for the IRC section that defines the term gross income.What is the tax glossary's definition of gross income?How does the IRC define gross income?Of the two definitions, which would a taxpayer without extensive tax knowledge find easier to understand? Why?Which of the two definitions is relevant for a tax researcher? Why?

---

Definitions:

Materials Inventory

The raw materials, work-in-process, and finished goods that a company holds at any given time for production.

Credit Sales

Sales made by a business where the payment is deferred to a later date, enabling customers to purchase goods or services on credit.

Cash Receipts

The collection of money, including coins, notes, electronic payments, etc., by a business from its customers or other transactions.

Invoice Cost

The initial price listed on an invoice for purchased goods or services, not including any additional fees or discounts.