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Income Baskets |
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Income baskets Category to which certain income is allocated. Losses in one basket may not be used to offset gains in another basket. Specified in U.S. tax code. Income Baskets Several categories of income used for tax purposes. Unless the U.S. Tax Code states otherwise, a loss in one income basket can be used to offset a profit in another income basket. Thus, one only owes taxes on the net income after all, relevant baskets have been offset. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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