What Is IRC §61 Gross Income?
§61 is gross income — wages, business, gains, the inclusions. Guide Ch. 2.
This is the IRS tax-topics desk. Gross income under §61, trade or business expenses under §162, QBI under §199A, like-kind exchanges under §1031 — answered from THE TAX CUTTERY® Guide to Federal Income Taxation by Paul D. Diaz, EA, MBA. Type a section. Get the chapter.
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Four Code Questions, Four Chapters
What Is IRC §162 Ordinary and Necessary?
§162 allows ordinary and necessary trade or business expenses. Guide Ch. 3.
What Is IRC §199A QBI?
§199A is the qualified business income deduction, including wage and SSTB limits. Guide Ch. 9.
What Is IRC §1031 Like-Kind?
§1031 covers like-kind exchanges of real property. Guide Ch. 12.
Code Section Guides — Plain English, with FAQs
Income & Business
§61 Gross Income · §162 Trade or Business Expenses · §179 Expensing Election · §199A QBI Deduction · §274 Disallowance & Substantiation · §453 Installment Method · §172 NOL Carryforward
Estate, Gift & Planning
§1014 Stepped-Up Basis · §1015 Gift Basis · §121 Home-Sale Exclusion · §1202 QSBS · §2010 Unified Credit · §2035 3-Year Gifts · §2036 Retained Life Estate · §2042 Life Insurance · §2056 Marital Deduction · §2503 Annual Exclusion
Deductions & Limits
§108 COD Exclusions · §132 Fringe Benefits · §163 Interest Limit · §164 SALT Deduction · §167 Depreciation · §168 MACRS & Bonus · §170 Charitable Gifts · §183 Hobby Loss · §195 Startup Costs · §469 Passive Losses · §165 Loss Deduction
Retirement & Compensation
§72 Annuities & Early Tax · §83 Equity Pay · §125 Cafeteria Plans · §401 Qualified Plans · §402 Plan Distributions · §403(b) Annuities · §408 IRAs · §409A Deferred Comp · §457 Gov Plans · §529 Tuition Plans
Procedure & Penalties
§6331 Levy · §6501 Assessment Limits · §6651 Failure to File/Pay · §6012 Filing Requirement · §6601 Interest · §6672 TFRP · §6654 Estimated Tax Penalty · §6662 Accuracy Penalty · §6663 Fraud Penalty · §6694 Preparer Penalties