MLC301 Principles of Income Tax Law - Assessment Questions

QUESTION 2. 2

Research several dictionary definitions of income and summarise the common characteristics expressed in those definitions. How do these definitions compare to those that you proposed earlier in this topic? You should find some general agreement as to the characteristics of income included in the dictionary definitions. There is no absolute list of the characteristics of income but you should have observed some or all of the following characteristics:
• money
• regular
• received as a reward for services
• received from the use of property
• a return on investments
• a gain