Definitions from Black's Law Dictionary: 2nd Edition and Ballentine's Law Dictionary as are available for each term in each dictionary.
  • Ballentine's Law Dictionary

    That which comes in to a person as payment for labor, or services rendered in some office, or as gain from lands, the investment of capital, etc. See 148 Wis. 456, Ann. Cas. 1913A, 1147, L. R. A. 1915B, 569, 134 N. W. 673.

  • Black's Law Dictionary: 2nd Edition

    The return in money from one's business, labor or capital invested; gains, profit or private revenue. Braun's Appeal, 105 Pa. 415; Pcople v. Davenport, 30 Hun (N. Y.) 177; In re Slocum, 169 N. Y. 153, 62 N. E. 130; Waring v. Savannah, 60 Ga. 99. "Income" means that which comes in or is received from any business or investment of capi-ital, without reference to the outgoing expenditures ; while "profits" generally means the gain which is made upon any business or investment when bath 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.
    —Income tax. A tax on the yearly profits arising from property, professions, trades, and offices. 2 Steph. Comm. 573. Levi v. Louisville, 97 Ky. 394, 30 S. W. 973, 28 In In A. 480; Parker v. Insurance Co.., 42 La. Ann. 428, 7 South. 599.