Modified gross income definition

Modified gross income means the greater of:
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Modified gross income means all income of the taxpayer and, if any, the taxpayer's spouse and dependents, undiminished by losses and from whatever source, including:
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Modified gross income means adjusted gross income as defined in Section 62 of the Internal Revenue Code of 1986, including any subsequent amendments in effect on December 31 of the taxable year, and adjusted as follows:
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Examples of Modified gross income in a sentence

  • Modified gross income is equal to your federal adjusted gross income plus any interest income from other states municipal bonds and pension income from a qualifying lump-sum distribution.

  • For further guidance, see § 1.861–9(i).(j) Modified gross income method.

  • Modified gross income" may not be diminished by deductions or offset by losses which may be allowed under the New Mexico Income Tax Act or under the Internal Revenue Code of 1986, as amended or renumbered.

  • Therefore, there is no land acquisition required for this sub project.

  • Modified gross income includes items that are part of the foreign tax base even though they are not gross in- come under U.S. law so long as the for- eign taxes paid on the base constitute creditable taxes under section 901 (in- cluding taxes described in section 903).

  • Modified gross income is determined with reference to the for- eign tax base for gross income (or its equivalent).

  • Modified gross income is not necessarily the same as gross income as defined for purposes of chapter 1 of the Internal Revenue Code.

  • For presentation purposes in this statement, however, we will refer to the transaction as a merger.

  • The Trust’s Form 1120-SF for the taxable year reported: (1) capital gain net income of $ ; (2) income in theamount of ($ ); (3) Modified gross income in the amount of ($ ); (4) a NOL of $ ; (5) of $ at the beginning of the year and $at the end of the year; and (6) Total assets of $ at the beginning of the year and $ at the end of the taxable year.

  • Modified gross income is the amount reported on line 26, reduced by the portion of such amount that is attributable to deductible amounts paid to or ac- cumulated for nonresident beneficiaries.


More Definitions of Modified gross income

Modified gross income means all income of the
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Modified gross income means all income of the taxpayer and, if any, the taxpayer's spouse and dependents,
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Modified gross income means "modified
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Related to Modified gross income

  • Modified adjusted gross income means “federal adjusted gross income”:

  • Adjusted gross income means that term as defined in section 62 of the internal revenue code of 1986.

  • 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.

  • Business income means income arising from transactions and activity in the regular course of the taxpayer's trade or business and includes income from tangible and intangible property if the acquisition, management, and disposition of the property constitute integral parts of the taxpayer's regular trade or business operations.

  • 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.

  • Program Income means gross in- come earned by the recipient that is di- rectly generated by a supported activ- ity or earned as a result of the award (see exclusions in § 215.24(e) and (h)). Program income includes, but is not limited to, income from fees for serv- ices performed, the use or rental of real or personal property acquired under federally-funded projects, the sale of commodities or items fabricated under an award, license fees and royalties on patents and copyrights, and interest on loans made with award funds. Interest earned on advances of Federal funds is not program income. Except as other- wise provided in Federal awarding agency regulations or the terms and conditions of the award, program in- come does not include the receipt of principal on loans, rebates, credits, dis- counts, etc., or interest earned on any of them.

  • Gross Revenues means all amounts actually collected as rents or other charges for the use and occupancy of the Properties, but shall exclude interest and other investment income of Owner and proceeds received by Owner for a sale, exchange, condemnation, eminent domain taking, casualty or other disposition of assets of Owner.

  • Pre-Incentive Fee Net Investment Income means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Corporation receives from portfolio companies) accrued during the calendar quarter, minus the Corporation’s operating expenses for the quarter (including the Base Management Fee, expenses reimbursed to the Adviser under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-Incentive Fee Net Investment Income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Corporation has not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

  • Operating Cash Flow means the Company’s or a business unit’s sum of Net Income plus depreciation and amortization less capital expenditures plus changes in working capital comprised of accounts receivable, inventories, other current assets, trade accounts payable, accrued expenses, product warranty, advance payments from customers and long-term accrued expenses, determined in accordance with generally acceptable accounting principles.