A large source of the federal government’s income tax revenue is raised through Internal Revenue Code Section 61’s wide-sweeping language. In addition, Code Sections 71-90 list specific forms of income that are to be included in a taxpayer’s “gross income.” Notable inclusions into taxpayer’s gross income include:
-Alimony and Child Support Payments (Section 71)
-Portions of Annuity Payments Received under Annuity, Endowment, or Life Insurance contracts (Section 72)
-Certain Prizes and Awards (exceptions listed) (Section 74)
-Social Security Benefits (in particular circumstances) (Section 86)
-Property Transferred in connection with Performance of Services (Section 83)
-Unemployment Compensation (beyond $2,400 annually) (Section 85)
-Transfer of Appreciated Property to Political Organizations (Section 84)
-Employer-provided Group-term Life Insurance (only when cost exceeds $50,000) (Section 79)
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