Taxable income

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Taxable income is the gross income less a set of exemptions and deductions that are spelled out in the instructions to the tax forms that individuals must file.


Definitions

According to Financial Management Theory and Practice by Eugene F. Brigham and Michael C. Ehrhardt (13th edition),

Taxable income. Gross income less a set of exemptions and deductions that are spelled out in the instructions to the tax forms that individuals must file.

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