Show HOSS bloss INCOME numerous inquiries have been received regarding the proper tation of section of the revenue act of 1921 which provides that each individual whose gross income for 1921 was or over shall file a return regardless or of his or her net income gross income does not necessarily gross income defined benned by me ine revenue act to include gains profits and income deri evid from salaries wages or compensation for personal service of whatever kind and in it whatever form paid or ironi from professions fes vocations trades business commerce or sales or dealings ln in property whet whether lier real or personal growing out of the ownership or use ot of or interest in such property also front from interest rent dividends securities or the transaction of any bustness business carried on for gain or profit or ga gains lus or profits and income derived irom from any source whatever goss income does not necessarily mean gross receipts A merchant for instance in computing statutory gross income should deduct the cost ot of goods sold for example a merchant may have gross receipts amounting to but the cost of goods sold amounts to 10 ile he has no other income the statutory gross grohs income would be in case the other deductions duct ions allowed him tor for business expenses taxes interest bad debts etc ele amount to 2500 his not net income would be no return ol of income is required in his case A lawyer who is married and living with ills wife has gross receipts in in the form of fees amounting to io and his necessary busine s expenses amount to leavit a net income of only 1800 A return will be required in this case as tai ta payers gross income as well as gross receipts is |