Income

That which comes in, or is received from any businiess or investment of capital, without reference to the outgoing expenditures. Applied to the affairs of an individual, conveys the same idea that " revenue " expresses when applied to the affairs of a state or nation. Sometimes, is synonymous with " profits," the gain as between receipts and payments, i See Peoitt, 1. Compare Earnings. The " income of an estate " is the profit it will yield after, deducting the charges of management, or the rent which may be obtained for the use of it. " Rent and profits," " income," and " net income " of the estate, are equivalent expressions.* The income from a profession, trade, or employment, whiehmay be taxed, is the result of the business for a given period, the net result of many combined influences: the creationof capital, industry, and skill.s In the ordinary comi^ercial sense, " income," especially when connected with the word '" rent," may mean net or clear income. But one may say that his " income " from a certain property amounts to a particular sum, and yfet be speaking merely of the accruing rent, without regard to insurance, taxes, or repairs. Outside of business circles we can never know whether net or gross income is meant without further inquiiy. " Produce "' or " product," as a substituted word, may relieve a will from obscurity.* " Income " is the gain which accrues from property, labor, or business. It is applicable to the periodical payments, in the nature of rent, usually made under mineral leases.* May mean " money," and not the eacpectation of receiving or the right to receive money at a future time. A note is ground for expecting income, and, in the sense of a statute taxing incomes, the amount thereof is to be returned when paid." See Bond. An absolute gift of all of the income of property, without limitation as to time, is a gift of the property itself.'