- 15 -
* * * * * * *
Over $32,450 but not
over $78,400 . . . . . . . . $4,867.50, plus 28%
of the excess over
$32,450.
Married individuals who file separate returns or no return suffer
tax liability at the higher rate of 31 percent on much the same
amount of taxable income under section 1(d).
Section 61(a) defines “gross income” as “all income from
whatever source derived”, the formulation that Chief Justice
Warren said, on behalf of the Supreme Court, in Commissioner v.
Glenshaw Glass Co., 348 U.S. 426 (1955), and General Am.
Investors Co. v. Commissioner, 348 U.S. 434 (1955), was all
encompassing, and which specifically includes, in paragraph (1),
“Compensation for services”. Section 62 defines the intermediate
term “adjusted gross income” minus certain defined deductions.
Section 63(b) defines “taxable income” for individuals who do not
itemize their deductions, as petitioners failed to do on their
return document (and rejected the opportunity that we afforded
them to rectify their omission), as meaning “adjusted gross
income, minus-- (1) the standard deduction, and (2) the deduction
for personal exemptions provided in section 151.” The standard
deduction for 1992 is defined by section 63(c) as $5,000 in the
case of a joint return, and the personal exemption amount for
1992 is $4,600 for two individuals.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011