Section 61 is for gross income, section 61 is GI.
Section 61 is for gross income, and it comes from any source it is derived.
You can get gross income from services from dividends and property
You can get gross income from business and royalties
You can get gross income from a decedents, like an insurance policy
or contracts and dividends and trusts and alimony
and I said Section 61 is for Gross Income
Section 61 is GI
Section 61 is for Gross Income
and it comes from any source it is derived.
But, did you really know what Professor Shurtz said,
that GI can be realized from receipts or benefits
These benefits include services and meals
but also stock and lodging, property which does appeal
Section 61 is for Gross Income
Section 61 is GI
Section 61 is for Gross Income
and it comes from any source it is derived.
I wanna tell you a story
about Cesarini's treasure trove
The IRS wanted the money, but Cesarini said Oh No
This money ain't Gross Income
cause I didn't even know it was there
We found it many years later and it's ours fair and square
Well, fair and square it may have been, but you must
claim that loot.
Cause under 61, it can be taxed and it was yours without dispute
Here we go, Section 61
is for Gross Income
Section 61 is GI
Section 61 is for Gross Income
and it comes from any source it is derived.