income

The discharge by a third person of an obligation to him is equivalent to receipt by the person taxed.

+ 8 more definitions — see all 16 over time

The gain which proceeds from labor, business, or property of any kind. 44 Pa. St. 347. It is as large a word as can be used to denote a person's receipts (21 Ch. Div. 85), and means "gross income," not "profits" (18 Wend. [N. Y.] 605), though the contrary has been held (5 Mete. [Mass.] 596).

The gain which proceeds from property, labor, or bussiness. It is applied particularly to individuals. The income of the state or government is usually called revenue. The word is sometimes considered synonymous with “profits,” the gain as between receipts and payments; People v. Board of Supervisors, 4 Hill (N. Y.) 23; “rent, and profits,” “income,” and “net income” of the estate are equivalent expressions; Andrews v. Boyd, 5 Greenl. (Me.) 203; it may mean “money” or the expectation of receiving money; U. S. v. Schillinger, 14 Blatch. 71, Fed. Cas. No. 16,228; Gray v. Darlington, 16 Wall. (U. S.) 63, 21 L. Ed. 46; and a note is ground for expecting Inwhen paid; Portland Co. v. U. S., 16 WalL (U. S.) 1, 21 L. Ed. 113. See Simpson v. Moore, 80 Barb. (N. T.) 687. In the ordinary commercial sense “income” especially when connected with the word “rent,” may mean clear or net income. “Produce” or "product” as a substituted word may relieve a will from obscurity; Appeal of Thompson, 100 Pa. 481. In a gift of the income, etc., of shares of stock, it is not synonymous with increase, and while it will Include dividends from the stock, will not embrace the sum by which the stock has increased; Spooner v. Phillips, 62 Conn. 62, 24 Atl. 524, 16 L. R, A. 461. As to when dividends are to be considered as'^ Income, see 31 A. & E. Corp. Cas. 386, n.; Dividend. It has been held that a devise of the income of land is in effect the same as a devise of the land itself; Reed v. Reed, 9 Mass. 872; Monarque v. Monarque, 80 N. Y. 320; Cooper V. Pogue, 92 Pa. 254, 37 Am. Rep. 681; Sampson v. Randall, 72 Me. 109; and a gift of the Income of a fund is a gift of the fund; Earl v. Grim, 1 Johns. Ch. (N. Y.) 494; Huston v. Read, 32 N. J. Eq. 591; and of the income of property is a gift of the property; Bristol v. Bristol, 53 Conn. 259, 6 Atl. 687; Appeal of Sproul, 105 Pa. 441; 2 Rop. Leg. 371.

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.

In a strict sense, that which comes in, or is received from, a

The return in money from one’s business, labor, or capital invested; gains, prolit, or private revenue. “Income” means that which comes in or is re csived 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 intoaccount. “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. 4 Hill, 20; 7 Hill, 504,

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.'