gross income tax

A tax on gross income, possibly after deduction for costs of goods sold, rather than on net profits; an income tax without allowance for expenses or deductions. See gross income under INCOME. [Cases: Internal Revenue 3110; Taxation 979, 1202.5. C.J.S. Internal Revenue §§ 59–60; Taxation § 1991.]

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词条贡献者

资深译员Connie，国际知名法学院金融专业，擅长翻译各类与证券监管执法相关的法律文件。