Illegal Income

Income from an illegal act. Examples of illegal income include income from theft and drug dealing. Illegal income is taxed in the United States as if it were ordinary income. Interestingly, expenses one incurs in the conduct of an illegal activity (other than drug trafficking) may be tax deductible. For example, the IRS may allow deductions for bribes paid to foreign governments.

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References in periodicals archive ?

According to the stipulation in Holy Quran and Islamic rules, interest belongs to illegal income and it must be forbidden.

Popularity of Islamic banks system

On the other hand, on security issues, the Minister of Defense, Guillermo Botero, said that "security in the field is achieved by attacking subversive organizations, illegal income, drug trafficking and illegal extraction of minerals." In these 11 months of President Ivan's government Duke, we have given significant results in the face of that challenge.

Colombia : "Government Duke aims to transform the field with roads, education, employment, security, infrastructure, connectivity and productivity": Minister Valencia

When the NAB lawyer was unable to provide records of illegal sources of income, the CJP remarked that the prosecution must prove that the assets had been acquired through illegal income for the court to take the case forward.

SC dismisses NAB appeal against ex-spymaster's acquittal

According to NAB, the former president made a plan to legitimize illegal income through transactions in fake accounts and had used frontmen and benamidars for money laundering.

Accountability court approves 10-day physical remand of Asif Zardari

According to NAB, the former president made a plan to legitimise illegal income through transactions in fake accounts and had used frontmen and benamidars for money laundering.

NAB gets Zardari's physical custody for 11 days

According to NAB, the former president made a plan to legitimise illegal income through transactions in fake accounts opened in Summit Bank Limited and had used frontmen and benamidars for money laundering.

Accountability court grants NAB 11-day physical remand of Zardari

According to the NAB prosecutor, Zardari planned to legitimise illegal income through transactions in fake accounts and had used people for money laundering.

NAB gets 11-day physical remand of Asif Zardari

Black money is one of the many forms in which black incomes manifest, therefore, unless the method of illegal income generation is cleaned up, black income generation would continue.

Macroeconomics of the Black Economy

She also admitted to failing to report the illegal income on her federal tax returns.

Office manager sentenced for embezzlement scheme

In addition, the Federal Board of Revenue (FBR) needs to formulate a strategy and investigate the auditing policy in order to keep the track record of illegal income.

Money laundering in Pakistan

It was established that they also received illegal income from the extraction of a large quantity of gold and other non-ferrous metals at the fields in the occupied territories of Azerbaijan's Kalbajar district, the fields of Zangilan, Tartar district and other fields.

Armenia earns profit from extraction of precious metals in occupied Azerbaijani lands

'Instead of providing relief to the public, they are busy filling their pockets with fake bills and illegal income of sanitation staff,' they alleged.