Gross income of the business definition

Gross income of the business means the value proceeding or accruing by reason of the transaction of the business engaged in and includes gross proceeds of sales, compensation for the rendition of services, gains realized from trading in stocks, bonds, or other evidences of indebtedness, interest, discount, rents, royalties, fees, commissions, dividends, and other emoluments however designated, all without any deduction on account of the cost of tangible property sold, the cost of materials used, labor costs, interest, discount, delivery costs, taxes, or any other expense whatsoever paid or accrued and without any deduction on account of losses.
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Gross income of the business means all interest income, earned discounts, earned lease rentals, commission fees exclusive of insurance commissions, past due charges, contract earnings or charges, collection charges, loan service fees, late fee income, and all other income, without any deduction except as hereinafter provided.
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Gross income of the business means the value proceeding or
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Examples of Gross income of the business in a sentence

  • Gross income of the business from engaging in an apportionable activity must be excluded from the denominator of the service income factor if, in respect to such activity, at least some of the activity is performed in the city, and the gross income is attributable under (b) of this section (2) to a city or unincorporated area of a county within the United States or to a foreign country in which the taxpayer is not taxable.

  • SERVICE TAXABLE INCOME OR SERVICE INCOME: Gross income of the business subject to tax under either the service or royalty classification.

  • Gross income of the business from engaging in an apportionable activity must be excluded from the denominator of the service income factor if, in respect to such activity, at least some of the activity is performed in the city, and the gross income is attributable under (ii) of this subsection (c) to a city or unincorporated area of a county within the United States or to a foreign country in which the taxpayer is not taxable.


More Definitions of Gross income of the business

Gross income of the business means the value proceeding or accruing by reason of the transaction of the business engaged in and includes gross proceeds of sales, compensation for the rendition of services, gains realized from trading in stocks, bonds, or other evidences of indebtedness, interest, discount, rents, royalties, fees, commissions, dividends, and other
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Gross income of the business means the value proceeding or accruing from the sale of tangible personal property, digital goods, digital codes, digital automated services or for other services rendered, without any deduction on account of the cost of property sold, the cost of materials used, labor costs, interest, discount paid, delivery costs, taxes, or any other expense whatsoever paid or accrued and without any deduction on account of losses
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Gross income of the business is broadly defined and means:
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Gross income of the business means the value proceeding or accruing by reason of the transaction of
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Gross income of the business means the value proceeding or accruing by reason of the transaction of the business engaged in and includes gross proceeds of sales, . . .” RCW
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Gross income of the business means the value proceeding or accruing by reason of the transaction of the business engaged in. RCW 82.04.080(1). Rule 111 recognizes that certain advances and reimbursements are not gross income of the business and may be excluded from the measure of tax. However, Rule 111 states the exclusion for advances and reimbursements applies only when the customer or client alone is liable for payment of the costs and when the taxpayer making the payment has no liability either primarily or secondarily other than as agent of the customer or client. [See Washington Imaging Services, LLC v. Dep’t of Revenue, 171 Wn.2d 548, 560, 252 P.3d 885 (2011) (quoting Rule 111)]. In City of Tacoma v. The William Rogers Company, Inc., 148 Wn.2d 169, 60 P. 3d 79 (2002), the Washington Supreme Court decided whether money paid to a temporary staffing company by its clients, which amounts were passed on as wages to temporary workers, could be excluded from the measure of the staffing company’s income. In order to exclude these payments from the measure of tax, the court ruled that two conditions must be met. A taxpayer must first establish that it received the funds as the agent of the customer or client. If this first condition is satisfied, the taxpayer must also establish that its use of the funds to pay a third party is solely as an agent of the customer or client. Id. at 177.
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Related to Gross income of the business

  • Gross income means the same as it does for income tax purposes, even if the income is not actually taxable, such as interest on tax-free bonds. Examples include: compensation for services, income from business, gains from property dealings, interest, rents, dividends, pensions, IRA distributions, social security, distributive share of partnership gross income, and alimony, but not child support.

  • Gross Revenue means all of the earnings and revenues received by the RECIPIENT from the maintenance and operation of the Utility and all earnings from the investment of money on deposit in the Loan Fund, except (i) Utility Local Improvement Districts (ULID) Assessments, (ii) government grants, (iii) RECIPIENT taxes, (iv) principal proceeds of bonds and other obligations, or (v) earnings or proceeds (A) from any investments in a trust, Defeasance, or escrow fund created to Defease or refund Utility obligations or (B) in an obligation redemption fund or account other than the Loan Fund until commingled with other earnings and revenues of the Utility or (C) held in a special account for the purpose of paying a rebate to the United States Government under the Internal Revenue Code.

  • Net Operating Income With respect to any Mortgaged Property, for any Mortgagor’s fiscal year end, Net Operating Income will be calculated in accordance with the standard definition of “Net Operating Income” approved from time to time endorsed and put forth by CREFC®.