45 IAC 3.1-1-2 Definition of gross income for individuals

Authority: IC 6-8.1-3-3

Affected: IC 6-3-1-3.5; IC 6-3-1-8

Sec. 2. "Gross Income" Defined for Individuals. Indiana residents must report all income as defined by § 61 of the Internal Revenue Code. Sources of income include, but are not limited to:

(1) Compensation for services, including fees, commissions and similar items

(2) Gross income derived from business

(3) Gains derived from dealings in property

(4) Interest

(5) Rents

(6) Royalties

(7) Dividends

(8) Alimony and separate maintenance payments

(9) Annuities

(10) Income from life insurance and endowment contracts

(11) Pensions

(12) Income from discharge of indebtedness

(13) Distributive share of partnership gross income

(14) Distributive share of taxable income from an electing small business corporation

(15) Income in respect of a decedent

(16) Income from an interest in an estate or trust

Nonresidents and part-year residents are also required to report gross income, as defined above, from all sources. These taypayers $sic.$ are afforded a deduction for non-Indiana income as explained in Regulation 6-3-1-3.5(a)(050) $45 IAC 3.1-1-5$.

(Department of State Revenue; Reg 6-3-1-3.5(a)(020); filed Oct 15, 1979, 11:15 am: 2 IR 1511; errata, 2 IR 1743)