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WHAT IS INCOME?
April 10, 2024By Michael Schaum
The fruit or the tree? Being the lone sentry against unapportioned federal taxation, the very definition of income is central to tax jurisprudence. Taxable “income” has cautiously been likened to the fruit-bearing tree: fruit’s economic value should be attributed (taxed) to the tree on which it grows.[i] Likewise, attempts to re-assign fruits to another […]
