Page 5 - F6 Slide - Taxation - Lecture Day 2 Class

Gross Income

• Total amount=This the amount that must be

included in the gross income of a taxpayer.

• In cash or otherwise= Means received in money

and value of any property received which has

a monetary value whether corporeal or

incorporeal.

• If you receive an asset the market value of the

property should be included in gross income.

• Barter transaction are hence covered.

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