Gross Receipts [Income Tax] Law and Legal Definition

According to 26 USCS § 993 Title 26. Internal Revenue Code; Subtitle A. Income Taxes; Chapter 1. Normal Taxes And Surtaxes; Subchapter N. Tax Based On Income From Sources Within or Without the United States; Part IV. Domestic International Sales Corporations; Subpart A. Treatment of Qualifying Corporations], the term 'gross receipts' means the total receipts from the sale, lease, or rental of property held primarily for sale, lease, or rental in the ordinary course of trade or business, and gross income from all other sources. In the case of commissions on the sale, lease, or rental of property, the amount taken into account for purposes of this part [26 USCS §§ 991 et seq.] as gross receipts shall be the gross receipts on the sale, lease, or rental of the property on which such commissions arose.