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4.3   Gross Income 1) Gross income consists of all reportable income

Question : 4.3   Gross Income 1) Gross income consists of all reportable income : 1981144

4.3   Gross Income

1) Gross income consists of all reportable income from any source.

2) All interest and dividends received by an individual taxpayer are taxable.

3) The timing on the sale of an investment asset earning a capital gain makes little or no difference in the amount of taxes that are owed.

4) A long-term capital gain results from profit on the sale of capital assets that were held 12 months or more.

5) Employee contributions to qualified Individual Retirement Accounts (IRAs) and interest paid on student loans are adjusted from gross income to calculate a taxpayer's adjusted gross income.

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