Question

Give two examples of income and gains.​

Answer 1

Answer:

1. discount received 2. rent received yai answer

Answer 2

Answer:

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Examples of income and gains are:

• (1) Discount received
• (2) Rent received
• (3) Profit on sale of furniture.

Explanation:

Income from wages, salaries, interest, dividends, business income, capital gains, and pensions received during a given tax year are considered taxable income in the United States. These types of income would be classified as ordinary income and are taxable using ordinary income tax rates.