Q: What is the definition of Income for bankruptcy?
Looking at the definitions there isn't anything really explaining "income". "income" has been defined by the Supreme Court very well when dealing with the Income Tax. Would this be the correct definition to fall back on?
"Equally well settled is the rule that the word "income" as used in a tax statute is to be taken in its ordinary sense of gain or profit." - Beard v. South Carolina Tax Comm., 230 S.C. 357, 368, 95 S.E.2d 628 (1956)
“Whatever difficulty there may be about a precise and scientific definition of ‘income,’ it imports, as used here, something entirely distinct from principal or capital either as a subject of taxation or as a measure of the tax; conveying rather the idea of gain or increase arising from corporate activities. As was said in Stratton's Independence v. Howbert, 231 U.S. 399, 415: ‘Income may be defined as the gain derived from capital, from labor, or from both combined’." - Doyle v. Mitchell Bros. Co., 247 U.S. 179, 185, 38 S.Ct. 467 (1918)
A: Both definitions you cite qualify as income.
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