Gross income minus all allowable deductions and exemptions.
? Taxable income is multiplied by the applicable tax rate to compute one’s tax liability. [Cases: Internal Revenue 4529; Taxation 980. C.J.S. Internal Revenue ¡ì¡ì 644¨C645; Taxation ¡ì¡ì 1715¨C1716.]
How would a bilingual lawyer translate the term taxable income into Chinese?
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