Indiana Wesleyan University, Marion **We aren't endorsed by this school
Oct 29, 2023
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§61 Gross income defined. Internal Revenue Code (RIA) Internal Revenue Code § 61 Gross income defined. (a) General definition. Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, fringe benefits, and similar items; (2) Gross income derived from business; (3) Gains derived from dealings in property; (4) Interest; (5) Rents; (6) Royalties; (7) Dividends; (8) Annuities, (9) Income from life insurance and endowment contracts; (10) Pensions; (11) Income from discharge of indebtedness; (12) Distributive share of partnership gross income; (13) Income in respect of a decedent; and (14) Income from an interest in an estate or trust.
(b) Cross references. For items specifically included in gross income, see part II (sec. 71 and following). For items specifically excluded from gross income, see part III ( sec. 101 and following). © 2023 Thomson Reuters/Tax & Accounting. All Rights Reserved. WRIGHT, 84 TC 636, Code Sec(s) 6653(b), 04/08/1985 Tax Court & Board of Tax Appeals (Prior Years) (RIA) Tax Court & Board of Tax Appeals Reported Decisions WRIGHT v. COMMISSIONER, 84 TC 636, Code Sec(s) 6653(b). John T. Wright and Susan L. Wright, Petitionersv. Commissioner of Internal Revenue, Respondent Case Information: [pg. 636] Code Sec(s): 6653(b) Docket: Docket No. 35147-83. Date Issued: 04/08/1985 Judge: Opinion by TANNENWALD, J. Tax Year(s): Year 1978. Disposition: Decision for Taxpayer. HEADNOTE 1.ADDITIONS TO TAX AND PENALTIES-Additions for failure to pay tax-fraud penalty- determination of fraud-effect of criminal prosecution for tax evasion. Criminal conviction for subscribing to false income tax return didn't estop taxpayers from denying that part of underpayment for year was due to fraud; Goodwin, 73 TC 215 and Considine, 68 TC 52, overruled; IRS motion for summary judgment denied. "Willfully" as used in criminal statute wasn't equated with attempt to evade taxes but meant voluntary, intentional violation of known legal duty; intent to evade taxes wasn't element of crime for which
taxpayer was charged. Taxpayer's lack of business skill in operation of deceased father's farm raised material issue as to fraudulent intent to evade tax; criminal conviction was only one fact to be considered in trial on merits. Reference(s): 1985 P-H Fed. ¶37,296(5),(10); 39,101.5(35). Code Sec. 6653(b). Syllabus Official Tax Court Syllabus Held, petitioner's conviction under sec. 7206(1), I.R.C. 1954, does not collaterally estop petitioners from denying that any part of their underpayment for 1978 was due to fraud, within the meaning of sec. 6653(b), I.R.C. 1954. Respondent's motion for partial summary judgment denied. Goodwin v. Commissioner, 73 T.C. 215 (1979), and Considine v. Commissioner, 68 T.C. 52 (1977), overruled. Counsel Steven J. Rosenberg, for the petitioners. Jeff P. Ehrlich and Matthew J. Fritz, for the respondent. OPINION Tannenwald, Judge : Deficiencies in petitioners' Federal income taxes having been agreed to and the resultant tax assessed, respondent determined the following additions to petitioners' Federal income taxes: Additions to Tax Taxable Year sec. 6653(b)<1>
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