What is INCOME?

The return in money from one’s business, labor, or capital invested; gains,profit, or private revenue. Braun’s Appeal, 105 Pa. 415; People v. Davenport, 30 llun (N.Y.) 177; In re Slocum, 109 N. Y. 153, 02 N. E. 130; Waring v. Savannah, 00 Ga. 99.”Income” means that which comes in or is received from any business or investment of capital, without reference to the outgoing expenditures; while “profits” generally means the gain which is made upon any business or investment when both receipts and payments are taken into account. “Income,” when applied to the affairs of individuals,expresses the same idea that “revenue” does when applied to the affairs of a state or nation. People v. Niagara County, 4 Hill (N..Y.) 20; Bates v. Porter, 74 Cal. 224, 15 Pac.732.

More On This Topic




Link to This Definition

Did you find this definition of INCOME helpful? You can share it by copying the code below and adding it to your blog or web page.
Written and fact checked by The Law Dictionary