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Show MUST HLE.ONf I A GROSS INCOME I OF 55.0O.0O I Numerous Inquiries htive been re- ' mW ceived regarding the proper Inter- H 1 prototloa ot Section 223;6t! the Reve- ' M nue Act of 1921, which provides that M 'each individual whose gross income , H I for 1931 was f 6,000 or orer shall file i M a return regardless of .his or her net ''m lacoate. '-Mm I Gross Income means statutory, gross 1 Income, defined by the revenue act to , H Injclude "galas, proflU aa lacoaM '.;mM derived' from salaries, wages, or com- '',Mt pcnftatloh for personal service H 'of whatever Mad aad la whatever H form paid, or from professions, vo- H cations, trades,, business1, commerce H or sales or dealings' In property, H 'whether real or persoaal, growing H lout of the ownership or-tise of or in- H torost In such, property; also from H .Interest, reat. dividends,; securities or jH the transaction ot any business carri- H ed on for gala or profit' of. galas or H 'profits on income derived from any H scource whatever". V H Oross Income does not .necessarily H mean gross receipts. A merchant, Wm for Instance,' In computing statutory v mM gross Income, should deduct there- H from the eost of goods soldi For ex ' H ample, a merchant may, have gross 'JW, receipts ambuntlng to4 $10,000, but H the cost of goods amounts to 17,000. V H Ho has no other income, tho statut- jW. ory grpss Income woald bo $8,000. H In case the other deductions allowed H him for business' expenses, taxes, in- ' H Merest, bad debts, etc., amouiat to $3600 H his net Income would be $C00. No re- H turn ot Income is required la this ' ate. H A lawyer who is married and llv- JW Hng-wHhvhts wife huulgross receipts H inthepnni.flf fees amounting to H l$6,obband his necessary business ex- H .pcntes'jnmotintA. $4!00. leaving a H net lacome ot only l,800, a retara , H .willbe Tenalgia, this case, as tax- (: B payer's -grow Jateome' .as well aa 'H gross' feceiptsls- 9,m. ' ' m ' BH |