income tax

income tax

A tax on an individual’s or entity’s net income.

? The federal income tax ¡ª set forth in the Internal Revenue Code ¡ª is the federal government’s primary source of revenue, and most states also have income taxes. Cf. property tax; EXCISE. [Cases: Internal Revenue 3065¨C4122; Taxation 931¨C1104. C.J.S. Indians ¡ì 131; Internal Revenue¡ì¡ì 12¨C14, 16¨C492, 501, 638¨C639, 670¨C673, 797¨C800; Taxation ¡ì¡ì 1693¨C1782.]


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