Posted by seinfield,jerry on May 19, 1998 at 23:28:20:
In Reply to: Gross Income for Individuals posted by John Hockman on August 05, 1997 at 20:08:35:
: As we know taxable income is what is left over after deductions, exemptions etc. are taken from Gross Income. One must have Gross Income to finally arrive at taxable income. Section 61 of the code lists many things that can be attributed to gross income but one is left to determine if any apply to them, of course unless they are excluded elsewhere or by law. If you dig out the 1954 code and go to section 931 you will see the definition of Gross Income as it applies to Individuals. Keep in mind that the headings in the code have no force of law only the written sections that follow. So if you strip the heading ( Income from within the possessions) away you will see that gross income for a citizen of the U.S. MEANS only gross income for a citizen of the U.S. if they are earning it within a possession of the U.S. or if they work for the Fed. Gov't......Period! Strange as this may seem the correct gross income for individuals was hidden here and camoflaged from the casual observer. So the definitions at 61 would apply to those people who earn this kind of stuff within a possession only.
: How sneaky can they get. The tax is a Federal Tax only and doesn't apply to private citizens without the Federal sector.
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