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(1) in the case of any individual, any amount received by the individual as a pension or annuity
(A) under title II of the Social Security Act,
(C) otherwise excluded from gross income, and (2) in the case of any individual who has not attained the age of 72 before the close of the taxable year, any amount of earned income (as defined in subsection (g)
(A) in excess of $900 received by the individual in the taxable year if such individual has not attained the age of 65 before the close of the taxable year, or
(B) in excess of $1,200 received by the individual in the taxable year if such individual has attained the age of 65 before the
close of the taxable year. (e) RULE FOR APPLICATION OF SUBSECTION (d) (1). --Subsection (d) (1) shall not apply to any amount excluded from gross income under section 72 (relating to annuities), 101 (relating to life insurance proceeds), 104 (relating to compensation for injuries or sickness), 105 (relating to amounts received under accident and health plans), 402 (relating to taxability of beneficiary of employees' trust), or 403 (relating to taxation of employee annuities).
(f) Public RETIREMENT SYSTEM DEFINED. ---For purposes of subsection (c) (2), the term “public retirement system” means a pension, annuity, retirement, or similar fund or system established by the United States, a State, a Territory, a possession of the United States, any political subdivision of any of the foregoing, or the District of Columbia.
(g) EARNED INCOME DEFINED. -For purposes of subsections (b) and (d) (2), the term "earned income” has the meaning assigned to such term in section 911 (b), except that such term does not include any amount received as a pension or annuity.
(h) NONRESIDENT ALIEN INELIGIBLE FOR CREDIT.—No credit shall be allowed under subsection (a) to any nonresident alien. (i) CROSS REFERENCE.
For disallowance of credit where tax is computed by Secretary or his
delegate, see section 6014 (a). SEC. 38. OVERPAYMENTS OF TAX.
For credit against the tax imposed by this subtitle for overpayments of tax, see section 6401.
Subchapter B-Computation of Taxable Income
Part 1. Definition of gross income, adjusted gross income, and
PART 1-DEFINITION OF GROSS INCOME, ADJUSTED
GROSS INCOME, AND TAXABLE INCOME
Sec. 61. Gross income defined.
SEC. 61. GROSS INCOME DEFINED.
(a) GENERAL DEFINITION.-Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items:
(1) Compensation for services, including fees, commissions, and similar items;
(2) Gross income derived from business;
(15) Income from an interest in an estate or trust. (b) CROSS REFERENCES.
For items specifically included in gross income, see part II (sec. 71 and following). For items specifically excluded from gross income,
see part III (sec. 101 and following). SEC. 62. ADJUSTED GROSS INCOME DEFINED.
For purposes of this subtitle, the term "adjusted gross income” means, in the case of an individual, gross income minus the following deductions:
(1) TRADE AND BUSINESS DEDUCTIONS.—The deductions allowed by this chapter (other than by part VII of this subchapter) which are attributable to a trade or business carried on by the taxpayer,
if such trade or business does not consist of the performance of services by the taxpayer as an employee. (2) TRADE AND BUSINESS DEDUCTIONS OF EMPLOYEES.
(A) REIMBURSED EXPENSES. - The deductions allowed by part VI (sec. 161 and following) which consist of expenses paid or incurred by the taxpayer, in connection with the performance by him of services as an employee, under a reimbursement or other expense allowance arrangement with his employer.
(B) EXPENSES FOR TRAVEL AWAY FROM HOME. —The deductions allowed by part VI (sec. 161 and following) which consist of expenses of travel, meals, and lodging while away from home, paid or incurred by the taxpayer in connection with the performance by him of services as an employee.
(C) TRANSPORTATION EXPENSES. -The deductions allowed by part VI (sec. 161 and following) which consist of expenses of transportation paid or incurred by the taxpayer in connection with the performance by him of services as an employee.
(D) OUTSIDE SALESMEN.—The deductions allowed by part VI (sec. 161 and following) which are attributable to a trade or business carried on by the taxpayer, if such trade or business consists of the performance of services by the taxpayer as an employee and if such trade or business is to solicit, away from the employer's place of business, business for the employer.
(3) LONG-TERM CAPITAL GAINS.The deduction allowed by section 1202.
(4) LOSSES FROM SALE OR EXCHANGE OF PROPERTY.—The deductions allowed by part VI (sec. 161 and following) as losses from the sale or exchange of property.
(5) DEDUCTIONS ATTRIBUTABLE TO RENTS AND ROYALTIES.—The deductions allowed by part VI (sec. 161 and following), by section 212 (relating to expenses for production of income), and by section 611 (relating to depletion) which are attributable to property held for the production of rents or royalties.
(6) CERTAIN DEDUCTIONS OF LIFE TENANTS AND INCOME BENEFICIARIES OF PROPERTY.-In the case of a life tenant of property, or an income beneficiary of property held in trust, or an heir, legatee, or devisee of an estate, the deduction for depreciation allowed by
section 167 and the deduction allowed by section 611. Nothing in this section shall permit the same item to be deducted more than once. SEC. 63. TAXABLE INCOME DEFINED.
(a) GENERAL RULE.-Except as provided in subsection (b), for purposes of this subtitle the term "taxable income” means gross income, minus the deductions allowed by this chapter, other than the standard deduction allowed by part IV (sec. 141 and following).
(b) INDIVIDUALS ELECTING STANDARD DEDUCTION.-In the case of an individual electing under section 144 to use the standard deduction provided in part IV (sec. 141 and following), for purposes of this subtitle the term "taxable income" means adjusted gross income, minus
(1) such standard deduction, and
(2) the deductions for personal exemptions provided in section 151.
PART II/ITEMS SPECIFICALLY INCLUDED IN
Sec. 71. Alimony and separate maintenance payments.
Sec. 77. Commodity credit loans. SEC. 71. ALIMONY AND SEPARATE MAINTENANCE PAYMENTS. (a) GENERAL RULE. -
(1) DECREE OF DIVORCE OR SEPARATE MAINTENANCE.-If a wife is divorced or legally separated from her husband under a decree of divorce or of separate maintenance, the wife's gross income includes periodic payments (whether or not made at regular intervals) received after such decree in discharge of (or attributable to property transferred, in trust or otherwise, in discharge of) a legal obligation which, because of the marital or family relationship, is imposed on or incurred by the husband under the decree or under a written instrument incident to such divorce or separation.
(2) WRITTEN SEPARATION AGREEMENT.-If a wife is separated from her husband and there is a written separation agreement executed after the date of the enactment of this title, the wife's gross income includes periodic payments (whether or not made at regular intervals) received after such agreement is executed which are made under such agreement and because of the marital or family relationship (or which are attributable to property transferred, in trust or otherwise, under such agreement and because of such relationship). This paragraph shall not apply if the husband and wife make a single return jointly.
(3) DECREE FOR SUPPORT.-If a wife is separated from her husband, the wife's gross income includes periodic payments (whether or not made at regular intervals) received by her after the date of the enactment of this title from her husband under a decree entered after March 1, 1954, requiring the husband to make the payments for her support or maintenance. This paragraph shall not apply if the husband and wife make a single return jointly.
(b) PAYMENTS TO SUPPORT MINOR CHILDREN.-Subsection (a) shall not apply to that part of any payment which the terms of the decree, instrument, or agreement fix, in terms of an amount of money or a part of the payment, as a sum which is payable for the support of minor children of the husband. For purposes of the preceding sentence, if any payment is less than the amount specified in the decree, instrument, or agreement, then so much of such payment as does not exceed the sum payable for support shall be considered a payment for such support. (c) PRINCIPAL Sum PAID IN INSTALLMENTS.
(1) GENERAL RULE.- For purposes of subsection (a), installment payments discharging a part of an obligation the principal sum of which is, either in terms of money or property, specified in the
decree, instrument, or agreement shall not be treated as periodic payments.
(2) WHERE PERIOD FOR PAYMENT IS MORE THAN 10 YEARS.-If, by the terms of the decree, instrument, or agreement, the principal sum referred to in paragraph (1) is to be paid or may be paid over a period ending more than 10 years from the date of such decree, instrument, or agreement, then (notwithstanding paragraph (1)) the installment payments shall be treated as periodic payments for purposes of subsection (a), but (in the case of any one taxable year of the wife) only to the extent of 10 percent of the principal sum. For purposes of the preceding sentence, the part of any principal sum which is allocable to a period after the taxable year of the wife in which it is received shall be treated as an installment payment for the taxable year in which it is received.
(d) RULE FOR HUSBAND IN CASE OF TRANSFERRED PROPERTY.The husband's gross income does not include amounts received which, under subsection (a), are (1) includible in the gross income of the wife, and (2) attributable to transferred property. (e) CROSS REFERENCES.
(1) For definitions of "husband" and "wife”, see section 7701 (a)(17).
(2) For deduction by husband of periodic payments not attributable to transferred property, see section 215.
(3) For taxable status of income of an estate or trust in case of
divorce, etc., see section 682. SEC. 72. ANNUITIES; CERTAIN PROCEEDS OF ENDOWMENT AND
LIFE INSURANCE CONTRACTS. (a) GENERAL RULE FOR ANNUITIES.—Except as otherwise provided in this chapter, gross income includes any amount received as an annuity (whether for a period certain or during one or more lives) under an annuity, endowment, or life insurance contract.
(b) ExclusION Ratio.—Gross income does not include that part of any amount received as an annuity under an annuity, endowment, or life insurance contract which bears the same ratio to such amount as the investment in the contract (as of the annuity starting date) bears to the expected return under the contract (as of such date). This subsection shall not apply to any amount to which subsection (d) (1) (relating to certain employee annuities) applies. (c) DEFINITIONS.—
(1) INVESTMENT IN THE CONTRACT.- For purposes of subsection (b), the investment in the contract as of the annuity starting date is
(A) the aggregate amount of premiums or other consideration paid for the contract, minus
(B) the aggregate amount received under the contract before such date, to the extent that such amount was excludable from gross income under this subtitle or prior income tax laws. (2) ADJUSTMENT IN INVESTMENT
(A) the expected return under the contract depends in whole or in part on the life expectancy of one or more individuals;
(B) the contract provides for payments to be made to a beneficiary (or to the estate of an annuitant) on or after the death of the annuitant or annuitants; and