Business Income


Also found in: Acronyms.

Business Income

The money a person or company receives from doing business, especially in the course of a year. For example, if a mechanic repairs a car and is paid, he/she receives business income. It is taxable, but one may remove expenses from business income when calculating the portion that is taxed.
References in periodicals archive ?
The first such study reported on Form 990-T (Exempt Organization Business Income Tax Return for unrelated income) data for the 1987 tax year.
Likewise, exemption from federal income taxation does not mean an association is exempt from paying state sales taxes, property taxes, withholding taxes, and taxes on unrelated business income.
Other CBI policies cover lost business income due to damage to property of others that are not specifically identified in the policy.
Although this election would result in Canco's interest in USCO being subject to the FAPI regime, this may be a favorable result given that the FAPI rules contain less uncertainty and may net result in any income inclusion if USCO does net have any income for the year or its income is considered to be active business income for purposes of the FAPI rules.
The business income and extra expense coverage form designed by the company's insurance services office is typically used to insure a camp for loss of business income and extra expense when a business is confronted with interruption or suspension.
Figure C provides a composition comparison for 2007 and 2008 filers by type of tax-exempt organization, type of entity, and size of gross unrelated business income and gross unrelated business taxable income.
3 billion in annual tax revenue and companies will be entitled to the lower tax rate when making provisional payment for 2010 business income tax starting from September this year.
For tax years beginning after 2005, HB 78, Laws 2005, allows taxpayers to make a five-year irrevocable election to apportion business income using a double-weighted sales factor.
Although this election would result in Canco's interest in USCO being subject to the FAPI regime, this may be a favorable result given that the FAPI rules contain less uncertainty and may not result in any income inclusion if USCO does not have any income for the year or its income is considered to be active business income for purposes of the FAPI rules.
This issue, we will conclude our review of business interruption coverage by looking at the electronic media and records limitation in ISO's business income form.
In addition, deductions offset income, which helps in complying with the unrelated business income tax rules (IRC sections 512 and 514) applying to leveraged real estate.
Rental losses in this bill can be deducted against any real estate income while the House version provides losses can be deducted against all active business income, provision supported by the National Realty Committee.

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