Qualifying Income definition

Qualifying Income. Gross income that is described in Section 856(c)(2) or 856(c)(3) of the Code.

Qualifying Income means income described in Sections 856(c)(2)(A) through (I) and 856(c)(3)(A) through (I) of the Code.

Qualifying Income means income described in Sections 856(c)(2)(A)–(H) and 856(c)(3)(A)–(I) of the Code, and “Tax Guidance” shall mean a reasoned opinion from outside counsel or a ruling from the IRS.

Examples of Qualifying Income in a sentence

• The Administrator shall approve a Rental Applicant as a Qualified Tenant if the Rental Applicant: (1) is earning Qualifying Income for an average of at least thirty hours per week, or (2) demonstrates an intent to earn Qualifying Income for an average of at least thirty hours per week.

• The combined Qualifying Income of all Ownership Applicants, their Spouses, and Contributing Occupants.

• The Administrator shall approve an Occupant as a Qualified Occupant if the Occupant does not own or control any interest or right in the Subject Property whatsoever, and provides documentation that the Administrator acknowledges is sufficient to verify that the Occupant: (1) is under twenty-one years of age; (2) is a member of the Qualified Owner’s Immediate Family; (3) is Disabled; or (4) is earning Qualifying Income for an average of at least thirty hours per week.

• The risk that we will not meet the Qualifying Income Exception is especially high in the first year, during which our gross income may be limited in amount and sources.

• If the Modified Adjusted Gross income is less than the Maximum Adjusted Qualifying Income from the chart - No further calculations are needed - No Recapture Tax will be due.

More Definitions of Qualifying Income

Qualifying Income means the sum of the following, to the extent included in North Dakota taxable income:

Qualifying Income has the meaning set forth in Section 11.3(b).

Qualifying Income has the meaning set forth in Section 5.6(a).

Qualifying Income shall have the meaning set forth in Section 7.7.

Qualifying Income shall have the meaning set forth in Section 4.11(a)(i).

Qualifying Income. Section 8.2(e)(i)

Qualifying Income means the income used to qualify the borrower(s) for a Mortgage.